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-0.1375
0.1119
0.0557
-0.0159
0.0761
0.0997
-0.0397
0.1619
0.1017
0.0740
-0.1379
0.1115
0.0757
-0.0175
0.1130
0.2513
-0.1279
0.1612
0.3994
0.2297
-0.3704
0.0578
0.0757
-0.0175
0.1130
0.2513
-0.1250
0.1648
0.4045
0.2345
-0.3685
0.0619
0.0425
0.0080
0.0473
0.0491
-0.0539
0.1066
0.0812
0.0069
-0.1041
0.0730
0.0464
0.0132
0.0508
0.0544
-0.0499
0.1112
0.0858
0.0101
-0.0995
0.0764
-0.0696
0.0468
0.0482
0.2998
-0.2054
0.2307
0.0863
0.1344
-0.1822
0.1322
-0.0652
0.0525
0.0517
0.3033
-0.2020
0.2339
0.0903
0.1396
-0.1789
0.1369
-0.0652
0.0525
0.0517
0.3033
-0.2020
0.2339
0.0903
0.1396
-0.1789
0.1369
0.0687
-0.0170
0.0938
0.1752
-0.0739
0.2253
0.1359
0.1525
-0.1642
0.1477
0.0687
-0.0170
0.0938
0.1752
-0.0739
0.2253
0.1359
0.1550
-0.1613
0.1518
0.0687
-0.0167
0.0941
0.1753
-0.0736
0.2265
0.1352
0.1559
-0.1607
0.1529
0.0687
-0.0170
0.0938
0.1752
-0.0739
0.2253
0.1359
0.1550
-0.1613
0.1518
0.0247
-0.0165
0.0893
0.1646
-0.1034
0.2975
0.0763
0.2100
-0.1497
0.1930
0.0286
-0.0111
0.0938
0.1693
-0.1002
0.3030
0.0813
0.2151
-0.1469
0.1979
0.0548
-0.0187
0.0843
0.1094
-0.0405
0.1680
0.0957
0.0798
-0.1297
0.1030
0.0569
-0.0175
0.0843
0.1097
-0.0393
0.1704
0.0977
0.0830
-0.1283
0.1051
0.1362
0.0719
0.0835
0.4092
-0.0186
0.3727
0.5821
0.0812
-0.3501
0.5614
0.0606
-0.0148
0.2187
0.0339
-0.1237
0.2619
-0.0601
0.2580
-0.1056
0.1374
0.0660
-0.0101
0.2234
0.0385
-0.1205
0.2675
-0.0560
0.2632
-0.1020
0.1424
0.2584
-0.1499
0.2064
0.1056
0.0617
-0.1698
0.1371
-0.0035
-0.0437
0.1094
0.0271
-0.0112
0.0879
0.0265
0.0470
-0.0424
0.1330
0.0011
-0.0396
0.1141
0.0311
-0.0077
0.0916
0.0300
0.0506
-0.0392
0.1368
0.0006
-0.0402
0.1137
0.0306
-0.0082
0.0912
0.0296
0.0502
-0.0397
0.1364
0.0529
-0.0123
0.0642
0.0656
-0.0270
0.1283
0.0901
0.0274
-0.1236
0.0935
0.0529
-0.0123
0.0642
0.0656
-0.0270
0.1283
0.0901
0.0304
-0.1202
0.0975
0.0523
-0.0119
0.0645
0.0660
-0.0256
0.1276
0.0905
0.0307
-0.1199
0.0979
0.0529
-0.0123
0.0642
0.0656
-0.0270
0.1283
0.0901
0.0304
-0.1202
0.0975
0.0496
-0.0152
0.0783
0.1595
-0.0683
0.1943
0.1534
0.1106
-0.1676
0.1245
0.0535
-0.0116
0.0837
0.1620
-0.0639
0.1984
0.1580
0.1141
-0.1645
0.1280
2024-12-20
N-1A
JOHN HANCOCK FUNDS II
2025-01-01
2025-01-01
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Alternative Asset Allocation Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 37 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0.0100
0
0
0
0
20
20
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0046
0.0046
0.0046
0.0046
0.0046
0.0046
0.0030
0.0100
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0000
0.0019
0.0019
0.0019
0.0007
0.0007
0.0007
0.0019
0.0019
0.0019
0.0032
0.0017
0.0007
0.0091
0.0091
0.0091
0.0091
0.0091
0.0091
0.0186
0.0256
0.0156
0.0194
0.0179
0.0144
-0.0018
-0.0018
-0.0018
-0.0018
-0.0028
-0.0018
0.0168
0.0238
0.0138
0.0176
0.0151
0.0126
<span style="font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been restated from fiscal year amounts to reflect current fees and expenses.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
662
341
140
179
154
128
241
1039
779
475
592
536
438
779
1440
1344
833
1030
944
770
1344
2557
2711
1841
2250
2082
1709
2711
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">24</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.24
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks to achieve its objective by investing in alternative asset classes. The fund invests in other funds as well as other types of investments as described below. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund allocates its assets among other affiliated and unaffiliated underlying funds, including exchange-traded funds (ETFs), that emphasize alternative or nontraditional asset categories or investment strategies such as international small-cap stocks, emerging-market equity, commodities, market neutral (long/short), global real estate, natural resources, TIPS (Treasury Inflation-Protected Securities), global bonds, high yield, bank loans, foreign currency trading strategies, absolute return strategies, managed futures, arbitrage strategies, tactical investment strategies, and emerging-market debt. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund may purchase any underlying funds except other funds of funds. The fund may also invest directly in exchange-traded notes (ETNs). The fund may use a portion of its assets to employ a market neutral (long/short) strategy by simultaneously purchasing a security and entering into a short sale on the security. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may use various investment strategies such as hedging and other related transactions, including derivative instruments such as options, futures, and swaps. Derivatives may be used for hedging purposes, including hedging various market risks and managing the effective maturity or duration of debt instruments held by the fund. These strategies also may be used to gain exposure to a particular security or securities market. The fund also may purchase and sell commodities and may enter into swap contracts and other commodity-linked derivative instruments, including those linked to physical commodities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Asset allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Although allocation among asset categories generally limits exposure to any one category, the management team may favor a category that performs poorly relative to others. Alternative asset categories may underperform the general stock market.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Absolute return risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Although a manager may aim to maximize absolute return, there is no guarantee that a fund will generate positive returns.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Arbitrage strategies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Arbitrage strategies involve engaging in transactions that attempt to exploit the price differences of identical, related, or similar securities within a market or different markets or in different forms. The fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Natural resources industry risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The natural resources industry can be significantly affected by international political and economic developments, energy conservation and exploration efforts, natural disasters or other extreme weather conditions, commodity prices, and taxes and other governmental regulations, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;">The HFRX Global Hedge Fund Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">6.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">5.15%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.26%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0676
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0515
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.0726
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0051
0.0301
0.0186
-0.0004
0.0225
0.0108
0.0044
0.0205
0.0113
0.0404
0.0335
0.0167
0.0609
0.0439
0.0270
0.0570
0.0398
0.0228
0.0601
0.0426
0.0255
0.0627
0.0451
0.0282
0.0553
0.0110
0.0181
0.0310
0.0346
0.0141
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Blue Chip Growth Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Current income is a secondary objective.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 22 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0.0100
0.0100
20
20
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0073
0.0073
0.0030
0.0100
0.0016
0.0016
0.0119
0.0189
-0.0005
-0.0001
0.0114
0.0188
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
610
291
191
854
593
593
1117
1020
1020
1867
2028
2028
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">12</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.12
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The manager defines blue chip growth companies as those well established in their industries and with the potential for above-average earnings growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">In identifying blue chip companies in which to invest, the manager generally considers whether they have viable or growing leading market positions, seasoned management teams, and strong financial fundamentals. This investment approach reflects the manager’s belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings or operating cash flow) and a positive industry outlook will result in a higher stock price. The manager also seeks to invest in some companies with good prospects for dividend growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">While most of the assets of the fund are typically invested in U.S. common stocks, the fund may also invest in other types of securities, including (i) U.S. dollar- and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 20% of net assets), (ii) convertible and preferred stocks, warrants, and bonds, and (iii) futures and options. Combined investments in convertible securities, preferred stocks, and debt securities are limited to 25% of total assets. The fund may invest in debt securities of any type without regard to quality or rating, including those rated below investment-grade (junk bonds) (up to 5% of total assets). The fund’s investment policies are based on credit ratings at the time of purchase. The fund’s debt securities may include privately negotiated notes or loans, including loan participations and assignments (bank loans). Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the information technology sector, and the fund may at times invest significantly in stocks of technology companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Media and communications sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand, and changes in regulation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Technology companies can be significantly affected by rapid obsolescence, short product cycles, competition, and government regulation, among other factors. Investments in the technology sector may be susceptible to heightened risk of cybersecurity breaches, which may allow an unauthorized party to gain access to personally identifiable information and other customer data.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Russell 1000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV, Class A and Class C shares commenced operations on October 17, 2005, March 27, 2015 and March 27, 2015, respectively. Returns shown prior to a class’s commencement date are those of Class NAV shares, except that they include any sales charges. Returns for Class A and Class C shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">28.03%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">27.62%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-24.94%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2803
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2762
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2494
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.4150
0.1198
0.1143
0.4040
0.1038
0.0933
0.2535
0.0949
0.0886
0.4689
0.1231
0.1128
0.2629
0.1569
0.1203
0.4268
0.1950
0.1486
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Blue Chip Growth Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Current income is a secondary objective.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0073
0.0016
0.0089
-0.0001
0.0088
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class I shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
90
283
492
1095
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">12</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.12
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The manager defines blue chip growth companies as those well established in their industries and with the potential for above-average earnings growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">In identifying blue chip companies in which to invest, the manager generally considers whether they have viable or growing leading market positions, seasoned management teams, and strong financial fundamentals. This investment approach reflects the manager’s belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings or operating cash flow) and a positive industry outlook will result in a higher stock price. The manager also seeks to invest in some companies with good prospects for dividend growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">While most of the assets of the fund are typically invested in U.S. common stocks, the fund may also invest in other types of securities, including (i) U.S. dollar- and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 20% of net assets), (ii) convertible and preferred stocks, warrants, and bonds, and (iii) futures and options. Combined investments in convertible securities, preferred stocks, and debt securities are limited to 25% of total assets. The fund may invest in debt securities of any type without regard to quality or rating, including those rated below investment-grade (junk bonds) (up to 5% of total assets). The fund’s investment policies are based on credit ratings at the time of purchase. The fund’s debt securities may include privately negotiated notes or loans, including loan participations and assignments (bank loans). Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the information technology sector, and the fund may at times invest significantly in stocks of technology companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic </span><span style="font-family:Arial Narrow;font-size:9pt;">developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Media and communications sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand, and changes in regulation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Technology companies can be significantly affected by rapid obsolescence, short product cycles, competition, and government regulation, among other factors. Investments in the technology sector may be susceptible to heightened risk of cybersecurity breaches, which may allow an unauthorized party to gain access to personally identifiable information and other customer data.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV shares commenced operations on October 17, 2005. Because Class I shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class NAV shares, except that they do not include sales charges and would be lower if they did. Returns for Class I shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class I</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">28.43%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">27.74%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-24.88%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2843
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2774
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2488
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.4953
0.1357
0.1237
0.4842
0.1199
0.1025
0.3011
0.1080
0.0964
0.2629
0.1569
0.1203
0.4268
0.1950
0.1486
<span style="font-family:Arial Narrow;font-size:24pt;">John Hancock Disciplined Value Emerging Markets Equity Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 25 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0
0
0.0100
0.0100
0
0
20
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0076
0.0076
0.0076
0.0076
0.0030
0.0100
0.0000
0.0000
0.0052
0.0052
0.0052
0.0041
0.0158
0.0228
0.0128
0.0117
-0.0027
-0.0027
-0.0027
-0.0027
0.0131
0.0201
0.0101
0.0090
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
627
304
103
92
204
949
687
379
345
687
1293
1196
676
618
1196
2263
2419
1522
1396
2419
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">194</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
1.94
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund will pursue its objective through a value oriented, research-driven strategy of investing in equity securities and financial instruments with equity like characteristics designed to provide exposure to emerging markets. Securities are selected by the adviser using its “three circles” approach which combines a quantitative screening with a fundamental bottom-up selection process. This investment strategy is grounded in the following principles: (1) low valuation stocks outperform high valuation stocks; (2) companies with strong fundamentals outperform companies with weak fundamentals; and (3) stocks with positive business momentum outperform stocks with negative business momentum. The adviser examines various factors in determining the value characteristics of issuers, including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals, such as return-on-equity and earnings growth and cash flow. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund intends, under normal circumstances, to invest at least 80% of its net assets (including borrowings for investment purposes) in the equity securities of emerging market issuers,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">related derivative instruments and other equity investments that are tied economically to emerging market countries.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The adviser considers an emerging market</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">country to include any country that is: 1) generally recognized to be</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">an emerging market country by the international financial community, including the World Bank; 2) classified by the United Nations as a developing country; or 3) included in the MSCI Emerging Markets Index. Due to the unique relationship between China and its separately administered regions, the Adviser includes</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Hong Kong and</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Macau as emerging markets. </span><span style="font-family:Arial Narrow;font-size:9pt;">In managing the fund’s portfolio, the adviser will seek to identify mispriced publicly traded equity securities of emerging market companies and purchase securities that the adviser believes will outperform, emphasizing low valuation, positive business momentum and high quality. The fund generally invests in the equity securities of issuers the manager believes are undervalued. The manager applies a bottom-up stock selection process using a combination of fundamental and quantitative analysis. </span><span style="font-family:Arial Narrow;font-size:9pt;">The equity securities in which the fund will invest, which may include equity securities of non-U.S. issuers that are traded in the markets of the United States, include equity securities issued by large-, mid- and small- or micro-cap companies, as well as exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies (including exchanged-traded funds (ETFs)), real estate investment trusts (REITs) and equity participations. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 20% of its net assets in high yield debt obligations</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(commonly known as junk bonds), such as bonds and debentures, used by corporations and other business organizations (e.g.,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">trusts or limited liability companies).</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Such high yield debt obligations are not considered to be investment grade.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Junk bonds are rated BB or lower by S&P Global, or have a comparable rating by another nationally recognized statistical rating organization (or, if unrated are determined by the adviser to be of comparable quality at the time of investment). The fund may invest in securities of the lowest rating category, including securities in default. The fund will primarily invest in fixed income instruments,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">including high yield debt obligations, when the fund believes that such instruments offer a better risk/reward profile than comparable equity opportunities. </span><span style="font-family:Arial Narrow;font-size:9pt;">In general, the fund’s investments will be spread over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry, except that the fund may invest in exchange traded funds to the extent permitted by the Investment Company Act of 1940, as amended (1940 Act), and applicable SEC orders. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may participate as a purchaser in initial public offerings</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">of securities</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(IPOs). An IPO is</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">a company’s first offering of stock to the public. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may invest</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">up to 15%</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">of its net assets in illiquid investments, including</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">investments that</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">are illiquid</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">by virtue</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">of the absence of a readily available market or legal or contractual restrictions on resale. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may also seek to increase its income by lending portfolio securities.</span><span style="font-family:Arial Narrow;font-size:9pt;">The fund will</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">invest in derivatives, including put and</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">call options, futures, contracts for differences, forward contracts</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and swaps,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">in lieu of investing directly in a security, currency or instrument,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">for hedging and</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">non-hedging purposes.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund’s investments in derivative instruments</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">may be leveraged and result in losses exceeding the amounts invested.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">(ETFs) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">risks of owning</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the underlying</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">securities the</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">ETF</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Frontier-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Frontier-market countries generally have smaller economies and less-developed capital markets and political systems than traditional emerging-market countries, which magnifies emerging-market risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Greater China risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Investments in the Greater China region may be subject to less developed trading markets, acute political risks such as possible negative repercussions resulting from China’s relationship with Taiwan or Hong Kong, and restrictions on monetary repatriation or other adverse government actions. For example, a government may restrict investment in companies or industries considered important to national interests, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. A small number of companies and industries may generally represent a relatively large portion of the Greater China market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to </span><span style="font-family:Arial Narrow;font-size:9pt;">interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Master limited partnership (MLP) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Value investment style risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Value securities, as a category, may underperform other segments of the market or the market as a whole and following a value-oriented investment strategy may cause the fund, at times, to underperform equity funds that employ a different investment style.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="font-family:Arial Narrow;font-size:9pt;">Prior to May 29, 2024, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to May 29, 2024.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV and Class C shares commenced operations on May 1, 2007 and June 27, 2014, respectively. Returns shown prior to a class’s commencement date are those of Class NAV shares, except that they include any sales charges. Returns for Class C shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">3.38%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.66%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-27.95%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0338
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.2066
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2795
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0740
0.0328
0.0207
0.0676
0.0299
0.0189
0.0488
0.0273
0.0179
0.1127
0.0360
0.0193
0.1343
0.0465
0.0291
0.1348
0.0476
0.0302
0.0983
0.0369
0.0266
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Emerging Markets Debt Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek total return with an emphasis on current income as well as capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 23 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
100000
100000
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0400
0
0
0
0.0075
0.0100
0
0
20
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0070
0.0070
0.0070
0.0070
0.0030
0.0100
0.0000
0.0000
0.0019
0.0019
0.0019
0.0008
0.0119
0.0189
0.0089
0.0078
-0.0001
-0.0001
-0.0001
-0.0001
0.0118
0.0188
0.0088
0.0077
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
515
291
90
79
191
762
593
283
248
593
1027
1020
492
432
1020
1785
2028
1095
965
2028
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets in fixed-income securities and debt instruments of emerging-market issuers. The manager may consider, but is not limited to, the classifications by the World Bank, the International Finance Corporation, or the United Nations and its agencies in determining whether a country is an emerging or a developed country. Examples of emerging-market countries include most African, Central Asian, Eastern European, and South and Central American nations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager uses proprietary research to identify specific countries, corporate sectors, and issuers that are attractively priced. The manager’s investment decisions are not constrained by market capitalization, company fundamentals, security valuation or seasoning, or similar characteristics. The manager uses economic and industry analysis to try to anticipate shifts in the business cycle. Due to potentially volatile conditions in emerging markets, the fund’s portfolio turnover ratio may be higher-than-average, which could increase transaction costs. The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in debt securities of any maturity denominated in any currency, including but not limited to: debt issued by governments or government agencies, including the U.S. Treasury; U.S. and foreign corporate-debt instruments; mortgage- and asset-backed securities and collateralized mortgage obligations; and variable and floating-rate senior and subordinated corporate-debt obligations. The fund may invest in countries that do not have sovereign bond ratings or whose bonds are rated below-investment-grade (junk bonds). The fund may invest in corporate or other privately issued debt instruments of issuers with market capitalizations below $1 billion. The fund may engage in derivatives transactions, including forwards, options, swaps and futures, to reduce risk, manage volatility and/or obtain efficient market exposure. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is non-diversified and may both invest in a smaller number of issuers and invest more of its assets in the securities of a single issuer than a diversified fund.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Bond Connect Program (Bond Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China bonds through Bond Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Bonds listed on Bond Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Bond Connect may affect bond prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts and swaps, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. Treasury obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund’s investments in obligations issued by the U.S. Treasury to decline.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="font-family:Arial Narrow;font-size:9pt;">Class A, Class C</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and Class R6 shares commenced operations on January 4, 2010, August 28, 2014</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and March 27, 2015, respectively. Returns shown prior to a class’s commencement date are those of Class A shares, except that they do not include Class A sales charges and would be lower if they did. Returns for shares would have been substantially similar to returns of Class A shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class A shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.96%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">13.14%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.11%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0896
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1314
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1611
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0714
0.0122
0.0244
0.0473
-0.0068
0.0038
0.0412
0.0016
0.0097
0.0972
0.0133
0.0215
0.1178
0.0236
0.0317
0.1193
0.0247
0.0322
0.1109
0.0167
0.0322
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Emerging Markets Debt Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek total return with an emphasis on current income as well as capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0070
0.0025
0.0018
0.0010
0.0008
0.0113
-0.0001
0.0112
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class R4 shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
114
358
621
1374
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets in fixed-income securities and debt instruments of emerging-market issuers. The manager may consider, but is not limited to, the classifications by the World Bank, the International Finance Corporation, or the United Nations and its agencies in determining whether a country is an emerging or a developed country. Examples of emerging-market countries include most African, Central Asian, Eastern European, and South and Central American nations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager uses proprietary research to identify specific countries, corporate sectors, and issuers that are attractively priced. The manager’s investment decisions are not constrained by market capitalization, company fundamentals, security valuation or seasoning, or similar characteristics. The manager uses economic and industry analysis to try to anticipate shifts in the business cycle. Due to potentially volatile conditions in emerging markets, the fund’s portfolio turnover ratio may be higher-than-average, which could increase transaction costs. The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in debt securities of any maturity denominated in any currency, including but not limited to: debt issued by governments or government agencies, including the U.S. Treasury; U.S. and foreign corporate-debt instruments; mortgage- and asset-backed securities and collateralized mortgage obligations; and variable and floating-rate senior and subordinated corporate-debt obligations. The fund may invest in countries that do not have sovereign bond ratings or whose bonds are rated below-investment-grade (junk bonds). The fund may invest in corporate or other privately issued debt instruments of issuers with market capitalizations below $1 billion. The fund may engage in derivatives transactions, including forwards, options, swaps and futures, to reduce risk, manage volatility and/or obtain efficient market exposure. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is non-diversified and may both invest in a smaller number of issuers and invest more of its assets in the securities of a single issuer than a diversified fund.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Bond Connect Program (Bond Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China bonds through Bond Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Bonds listed on Bond Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Bond Connect may affect bond prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts and swaps, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. Treasury obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund’s investments in obligations issued by the U.S. Treasury to decline.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between </span><span style="font-family:Arial Narrow;font-size:9pt;">8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A shares commenced operations on January 4, 2010. Class R4 shares commenced operations on March 27, 2015 and ceased operations on October 29, 2019. Returns prior to Class R4’s commencement date and after it ceased operations are those of Class A shares, except that they do not include sales charges and would be lower if they did. Returns for Class R4 shares would have been substantially similar to returns of Class A shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class A shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between </span><span style="font-family:Arial Narrow;font-size:9pt;">8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.96%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">13.14%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.11%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0896
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1314
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1611
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1158
0.0211
0.0298
0.0907
0.0017
0.0085
0.0674
0.0083
0.0136
0.1109
0.0167
0.0322
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Equity Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide substantial dividend income and also long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 22 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0.0100
0.0100
20
20
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0068
0.0068
0.0030
0.0100
0.0016
0.0016
0.0114
0.0184
-0.0001
-0.0001
0.0113
0.0183
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
609
286
186
843
578
578
1095
995
995
1816
1975
1975
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, with at least 65% in common stocks of well-established companies paying above-average dividends. The fund employs a “value” approach and invests in stocks and other securities that appear to be undervalued by various measures but have good prospects for capital appreciation and dividend growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, substantial dividend income means that the yield on the fund’s portfolio securities generally exceeds the yield on the fund’s benchmark. The manager believes that income can contribute significantly to total return over time and expects the fund’s yield to exceed that of the Russell 1000 Value Index. While the price of a company’s stock can go up or down, stocks paying a high level of dividend income tend to be less volatile than those paying a lower level and may help offset losses in falling markets. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund will generally consider companies with established operating histories, above-average dividend yield or low price/earnings ratios relative to the Russell 1000 Value Index, positive financial characteristics, and/or low stock price relative to a company’s underlying value. The fund may also purchase other types of securities in keeping with its objective, including: (i) U.S. dollar-and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 25% of total assets); (ii) preferred stocks; (iii) convertible stocks, bonds, and warrants; (iv) futures and options; and (v) bank debt, loan participations, and assignments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed-income securities without regard to quality or rating, including privately negotiated notes or loans (including loan participations and assignments (bank loans)) and up to 10% in below-investment-grade fixed-income securities (junk bonds). Some loans may be illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the same economic sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Financial services sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Russell 1000 Value Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV, Class A, and Class C shares commenced operations on October 17, 2005, March 27, 2015 and March 27, 2015, respectively. Returns shown prior to a class’s commencement date are those of Class NAV shares, except that they include any sales charges. Returns for shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.84%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.84%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-28.64%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1484
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.2084
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2864
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0357
0.0958
0.0691
0.0179
0.0769
0.0491
0.0335
0.0739
0.0510
0.0728
0.0993
0.0679
0.2653
0.1552
0.1180
0.1146
0.1091
0.0840
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Equity Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide substantial dividend income and also long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0068
0.0000
0.0016
0.0084
-0.0001
0.0083
<span style="font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class I shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
85
267
465
1036
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, with at least 65% in common stocks of well-established companies paying above-average dividends. The fund employs a “value” approach and invests in stocks and other securities that appear to be undervalued by various measures but have good prospects for capital appreciation and dividend growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, substantial dividend income means that the yield on the fund’s portfolio securities generally exceeds the yield on the fund’s benchmark. The manager believes that income can contribute significantly to total return over time and expects the fund’s yield to exceed that of the Russell 1000 Value Index. While the price of a company’s stock can go up or down, stocks paying a high level of dividend income tend to be less volatile than those paying a lower level and may help offset losses in falling markets. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund will generally consider companies with established operating histories, above-average dividend yield or low price/earnings ratios relative to the Russell 1000 Value Index, positive financial characteristics, and/or low stock price relative to a company’s underlying value. The fund may also purchase other types of securities in keeping with its objective, including: (i) U.S. dollar-and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 25% of total assets); (ii) preferred stocks; (iii) convertible stocks, bonds, and warrants; (iv) futures and options; and (v) bank debt, loan participations, and assignments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed-income securities without regard to quality or rating, including privately negotiated notes or loans (including loan participations and assignments (bank loans)) and up to 10% in below-investment-grade fixed-income securities (junk bonds). Some loans may be illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the same economic sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Financial services sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Value Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV shares commenced operations on October 17, 2005. Because Class I shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class NAV shares. Returns for Class I shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class I</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.21%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.91%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-28.52%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1521
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.2091
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2852
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0951
0.1116
0.0784
0.0705
0.0869
0.0533
0.0655
0.0820
0.0544
0.2653
0.1552
0.1180
0.1146
0.1091
0.0840
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Floating Rate Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a high level of current income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 23 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
100000
100000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0250
0
0
0
0.0050
0.0100
0
0
20
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0068
0.0068
0.0068
0.0068
0.0025
0.0100
0.0000
0.0000
0.0022
0.0022
0.0022
0.0011
0.0002
0.0002
0.0002
0.0002
0.0117
0.0192
0.0092
0.0081
-0.0014
-0.0014
-0.0012
-0.0012
0.0103
0.0178
0.0080
0.0069
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
352
281
82
70
181
599
590
281
247
590
864
1024
498
438
1024
1623
2037
1120
991
2037
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">51</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.51
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating-rate loans, which often include debt securities of domestic and foreign issuers that are rated below investment grade (rated below Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. or BBB by S&P Global Ratings), at the time of purchase, or are of comparable quality, as determined by the manager, and other floating-rate securities. Bonds that are rated at or below BB by S&P Global Ratings or Ba by Moody’s Investors Service, Inc. are considered junk bonds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in domestic and foreign loans and loan participations that pay interest at rates that float or reset periodically at a margin above a generally recognized base lending rate such as the Prime Rate, the Secured Overnight Financing Rate (SOFR), or another generally recognized base lending rate. Loans and debt instruments rated below investment grade are considered speculative. The fund may invest in loans of companies whose financial conditions are troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations, or financial restructurings. Some loans may be illiquid. The fund may also acquire and hold warrants and other equity interests. The fund may invest in loans, loan participations, and other securities of any maturity and duration. The fund may also invest in loans of any aggregate principal amount, which will vary from time to time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">For purposes of reducing risk and/or improving liquidity, the fund may invest in derivative instruments such as options (including options on securities indexes) and swaps (including credit default swaps). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in any number of issuers and may, at times, invest its assets in a small number of issuers. The fund may focus its investments in a particular sector or sectors of the economy. The fund’s investment process may result in a higher-than-average portfolio turnover ratio.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Distressed investments risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Distressed investments, including loans, mortgages, bonds, and notes, may not be publicly traded and may involve substantial risk. A fund may lose up to its entire investment.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, options, and swaps. Options and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small number of issuers risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for funds which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar LSTA US Leveraged Loan Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), </span><span style="font-family:Arial Narrow;font-size:9pt;">Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to August 30, 2018, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to August 30, 2018.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary. The returns for Class A shares have been </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">adjusted to reflect the reduction in the maximum sales charge from 3.00% to 2.50%, effective February 3, 2014.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), </span><span style="font-family:Arial Narrow;font-size:9pt;">Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">6.41%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">9.85%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-13.74%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0641
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0985
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1374
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1045
0.0433
0.0288
0.0664
0.0196
0.0071
0.0608
0.0228
0.0120
0.1144
0.0409
0.0238
0.1356
0.0509
0.0340
0.1383
0.0525
0.0353
0.0553
0.0110
0.0181
0.1313
0.0580
0.0442
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Fundamental Global Franchise Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks to provide capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 18 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0080
0.0080
0.0080
0.0030
0.0000
0.0000
0.0024
0.0024
0.0013
0.0134
0.0104
0.0093
-0.0001
-0.0001
-0.0001
0.0133
0.0103
0.0092
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
629
105
94
902
330
295
1196
573
514
2031
1270
1142
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of franchise companies. A franchise company is one whose return on invested capital over a three-year period is above its cost of capital. Return on invested capital quantifies how well a company generates cash flow relative to the capital it has invested in its business, while its cost of capital refers to the cost of raising money to fund its business. These companies typically will have a leading share of industry sales, the ability to generate consistent sales growth over time as their products and services attract a larger customer base, and a strong record of return on capital invested in the company with a sustainable competitive advantage, meaning bargaining power with buyers and/or sellers and a unique product or process that is difficult to replicate or substitute and hard for others to compete with. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, at least 40% of the value of the fund’s net assets will be invested in issuers domiciled outside of the United States (“Foreign Companies”), unless the manager deems market conditions and/or company valuations to be less favorable to Foreign Companies, in which case, the fund will invest at least 30% of the value of its net assets in Foreign Companies. Foreign Companies include securities for which the relevant reference entity is domiciled outside the United States, such as American Depositary Receipts (ADRs) that trade on U.S. exchanges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s primary method of analysis is fundamental analysis, which is the ability to assess the health of a company, its competitive positioning, its strength of management, and its competitive advantages. Investment decisions are a function of finding stocks that possess the qualitative factors as outlined above and the manager believes are trading at a significant discount to the manager’s estimation of value. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest significantly in securities of companies in certain sectors, such as the consumer staples and consumer discretionary sectors (as defined by the Global Industry Classification Standards (GICS)), and may therefore experience greater volatility than funds investing in a broader range of sectors and may be more susceptible to the impact of market, economic, regulatory, and other factors affecting that sector. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager focuses on the equity securities of small-, mid-, and large-capitalization companies in both developed and emerging countries. The manager primarily invests in common stocks of developed and emerging companies, as well as ADRs, which trade on U.S. exchanges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Consumer discretionary sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Consumer staples sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, product cycles, marketing, competition, and government regulations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. The consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, interest rates, and government regulation, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), </span><span style="font-family:Arial Narrow;font-size:9pt;">Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class R6 shares commenced operations on June 29, 2012 and February 13, 2017, respectively. Returns shown prior to Class R6 shares’ commencement date are those of Class A shares, except that they do not include Class A sales charges and would be lower if they did. Returns for Class R6 shares would have been substantially similar to returns of Class A shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class A shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), </span><span style="font-family:Arial Narrow;font-size:9pt;">Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.56%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.65%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.32%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1456
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1865
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2032
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1888
0.0944
0.0734
0.1709
0.0744
0.0501
0.1245
0.0722
0.0536
0.2547
0.1089
0.0822
0.2566
0.1100
0.0818
0.2379
0.1280
0.0860
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Global Equity Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 20 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0.0100
0
0
0
0
20
20
0
0
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0080
0.0080
0.0080
0.0080
0.0080
0.0080
0.0030
0.0100
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0000
0.0021
0.0021
0.0021
0.0010
0.0010
0.0010
0.0021
0.0021
0.0021
0.0035
0.0020
0.0010
0.0131
0.0201
0.0101
0.0140
0.0125
0.0090
-0.0001
-0.0001
-0.0001
-0.0001
-0.0011
-0.0001
0.0130
0.0200
0.0100
0.0139
0.0114
0.0089
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
626
303
102
142
116
91
203
894
630
321
442
386
286
630
1181
1082
557
765
676
497
1082
1999
2157
1235
1679
1502
1107
2157
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">36</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.36
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks to generate capital appreciation by investing at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of equity securities. Under normal market conditions, at least 40% of the value of the fund’s net assets will be invested in securities of issuers domiciled outside of the United States (“Foreign Companies”), unless the manager deems market conditions and/or company valuations to be less favorable to Foreign Companies, in which case, the fund will invest at least 30% of the value of its net assets in Foreign Companies. Foreign Companies include issuers domiciled in emerging markets and securities of foreign issuers that trade on U.S. exchanges. Equity securities include common and preferred stocks and their equivalents, including depositary receipts, warrants, rights, and convertible securities. The fund may invest in securities of any market-capitalization. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager employs an unconstrained, bottom-up stock selection process based on fundamental research to attempt to identify undervalued companies that exhibit attractive valuations, solid business franchises, sustainable margins/cash flow, disciplined capital allocation, strong management teams, and strong balance sheets. The manager considers diversification benefits and liquidity of the security in making investment decisions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A, Class C, Class R2, Class R4 and Class R6 shares commenced operations on May 16, 2013, March 27, 2015, March 27, 2015, March 27, 2015 and March 27, 2015, respectively. Returns shown prior to a class’s commencement date are those of Class A shares, except that they do not include Class A sales charges and would be lower if they did. Returns for Class C, Class R2, Class R4 and Class R6 shares would have been substantially similar to returns of Class A shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class A shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.45%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">17.15%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.54%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1445
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1715
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2254
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1328
0.1025
0.0644
0.1259
0.0853
0.0493
0.0835
0.0794
0.0484
0.1749
0.1060
0.0633
0.1964
0.1170
0.0730
0.1926
0.1128
0.0695
0.1953
0.1164
0.0721
0.1978
0.1182
0.0736
0.2379
0.1280
0.0860
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock International Small Company Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 22 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0
0
0.0100
0.0100
0
0
20
20
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0080
0.0080
0.0080
0.0080
0.0030
0.0100
0.0000
0.0000
0.0024
0.0024
0.0024
0.0013
0.0134
0.0204
0.0104
0.0093
-0.0001
-0.0001
-0.0001
-0.0001
0.0133
0.0203
0.0103
0.0092
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
629
306
105
94
206
902
639
330
295
639
1196
1097
573
514
1097
2031
2188
1270
1142
2188
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">9</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.09
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-cap companies in the particular markets in which the fund invests. Based on market capitalization data as of October 31, 2024, the maximum market capitalization range of companies eligible for purchase by the fund was approximately $1.2 billion to $9.4 billion, depending on the country. The fund will primarily invest in a broad and diverse group of equity securities of foreign small companies in developed markets, but may also hold equity securities of companies located in emerging markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests its assets in securities listed on bona fide securities exchanges or traded on the over-the-counter markets. These exchanges or over-the-counter markets may be either within or outside the issuer’s domicile country. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager measures company size on a country- or region-specific basis and based primarily on market capitalization. In the countries or regions authorized for investment, the manager first ranks eligible companies based on market capitalizations and then determines the universe of eligible stocks by defining the maximum market capitalization of a small company that may be purchased by the fund with respect to each country or region. This threshold will vary based on market conditions. The fund intends to use a market-capitalization-weighted approach in seeking to set country weights based on the relative market capitalizations of eligible small companies within each country (see below). Weightings of certain countries may vary from their weightings in published international indices. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also use derivatives such as futures contracts and options on futures contracts to adjust market exposure based on actual or expected cash inflows to or outflows from the fund. Futures contracts and options on futures contracts may be for foreign or U.S. equity securities and indices. The fund may also enter into forward currency contracts to facilitate settlement of equity purchases of foreign securities, repatriation of foreign currency balances, or currency exchange. In addition to cash, money market instruments, and other short-term investments, the fund may invest in affiliated and unaffiliated registered and unregistered money market funds to manage cash pending investment, to maintain liquidity to pay redemptions, to make other anticipated cash payments, or for other purposes. Investments in money market funds may involve a duplication of certain fees and expenses. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund does not seek current income as an investment objective and investments will not be based on an issuer’s dividend payment policy or record, although many of the companies in which the fund invests do pay dividends. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager will determine in its discretion when and whether to invest in countries that have been authorized by its Investment Committee, depending on a number of factors, including, but not limited to, asset growth in the fund, constraints imposed within markets authorized for investment, and other characteristics of each country’s markets. Other countries may be authorized for investment in the future. Although the manager does not intend to purchase securities not associated with markets authorized for investment, the fund may acquire such securities in connection with corporate actions or other reorganizations or transactions with respect to securities that are held by the fund from time to time. Also, the fund may continue to hold investments in countries that are not currently designated as markets authorized for investment, but had been authorized for investment in the past, and may reinvest distributions received in connection with such existing investments in such previously authorized markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Market-capitalization-weighted approach</span><span style="font-family:Arial Narrow;font-size:9pt;">The fund uses market capitalization weighting to determine individual security weights and, where applicable, country or region weights. Market-capitalization weighting means each security is generally purchased based on the issuer’s relative market capitalization. Market-capitalization weighting may be modified by the manager for a variety of reasons. The manager may adjust the representation in the fund of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, investment characteristics, and other factors that the manager determines to be appropriate. The manager may deviate from market-capitalization weighting to limit or fix the exposure of the fund to a particular country or issuer to a maximum proportion of fund assets. The </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">manager may exclude the stock of a company that meets applicable market capitalization criteria if the manager determines, in its judgment, that the purchase of such stock is inappropriate in light of other conditions. These adjustments will result in a deviation from traditional market-capitalization weighting. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Country weights may be based on the total market capitalization of companies within each country and may take into consideration the free float of companies within a country or whether these companies are eligible to be purchased for the particular strategy. In addition, to maintain a satisfactory level of diversification, the Investment Committee may limit or fix the exposure to a particular country or region to a maximum proportion of the assets of that vehicle. Country weights may also vary due to general day-to-day trading patterns and price movements.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options on futures contracts, and options. Foreign currency forward contracts, futures contracts, and options generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Industrials sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, input controls, and government spending.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The MSCI World ex USA Small Cap Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="font-family:Arial Narrow;font-size:9pt;">Class NAV, Class C and Class R6 shares commenced operations on May 1, 2006, June 27, 2014 and August 30, 2017, respectively. Returns shown prior to a class’s commencement date are those of Class NAV shares, except that they include any sales charges. Returns for shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">21.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-30.31%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1130
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2116
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.3031
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0753
0.0594
0.0347
0.0710
0.0486
0.0264
0.0508
0.0468
0.0273
0.1140
0.0623
0.0328
0.1357
0.0731
0.0428
0.1368
0.0742
0.0440
0.1794
0.0845
0.0432
0.1262
0.0705
0.0463
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the MSCI World ex-USA Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock International Small Company Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
0
0
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0080
0.0080
0.0080
0.0025
0.0025
0.0000
0.0025
0.0010
0.0005
0.0013
0.0013
0.0013
0.0038
0.0023
0.0018
0.0143
0.0128
0.0098
-0.0001
-0.0001
-0.0001
0.0142
0.0127
0.0097
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class R2, Class R4, and Class R5 shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
145
129
99
451
405
311
781
701
541
1712
1544
1200
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">9</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.09
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-cap companies in the particular markets in which the fund invests. Based on market capitalization data as of October 31, 2024, the maximum market capitalization range of companies eligible for purchase by the fund was approximately $1.2 billion to $9.4 billion, depending on the country. The fund will primarily invest in a broad and diverse group of equity securities of foreign small companies in developed markets, but may also hold equity securities of companies located in emerging markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests its assets in securities listed on bona fide securities exchanges or traded on the over-the-counter markets. These exchanges or over-the-counter markets may be either within or outside the issuer’s domicile country. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager measures company size on a country- or region-specific basis and based primarily on market capitalization. In the countries or regions authorized for investment, the manager first ranks eligible companies based on market capitalizations and then determines the universe of eligible stocks by defining the maximum market capitalization of a small company that may be purchased by the fund with respect to each country or region. This threshold will vary based on market conditions. The fund intends to use a market-capitalization-weighted approach in seeking to set country weights based on the relative market capitalizations of eligible small companies within each country (see below). Weightings of certain countries may vary from their weightings in published international indices. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also use derivatives such as futures contracts and options on futures contracts to adjust market exposure based on actual or expected cash inflows to or outflows from the fund. Futures contracts and options on futures contracts may be for foreign or U.S. equity securities and indices. The fund may also enter into forward currency contracts to facilitate settlement of equity purchases of foreign securities, repatriation of foreign currency balances, or currency exchange. In addition to cash, money market instruments, and other short-term investments, the fund may invest in affiliated and unaffiliated registered and unregistered money market funds to manage cash pending investment, to maintain liquidity to pay redemptions, to make other anticipated cash payments, or for other purposes. Investments in money market funds may involve a duplication of certain fees and expenses. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund does not seek current income as an investment objective and investments will not be based on an issuer’s dividend payment policy or record, although many of the companies in which the fund invests do pay dividends. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager will determine in its discretion when and whether to invest in countries that have been authorized by its Investment Committee, depending on a number of factors, including, but not limited to, asset growth in the fund, constraints imposed within markets authorized for investment, and other characteristics of each country’s markets. Other countries may be authorized for investment in the future. Although the manager does not intend to purchase securities not associated with markets authorized for investment, the fund may acquire such securities in connection with corporate actions or other reorganizations or transactions with respect to securities that are held by the fund from time to time. Also, the fund may continue to hold investments in countries that are not currently designated as markets authorized for investment, but had been authorized for investment in the past, and may reinvest distributions received in connection with such existing investments in such previously authorized markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Market-capitalization-weighted approach</span><span style="font-family:Arial Narrow;font-size:9pt;">The fund uses market capitalization weighting to determine individual security weights and, where applicable, country or region weights. Market-capitalization weighting means each security is generally purchased based on the issuer’s relative market capitalization. Market-capitalization weighting may be modified by the manager for a variety of reasons. The manager may adjust the representation in the fund of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, investment characteristics, and other factors that the manager determines to be appropriate. The manager may deviate from market-capitalization weighting to limit or fix the exposure of the fund to a particular country or issuer to a maximum proportion of fund assets. The manager may exclude the stock of a company that meets applicable market capitalization criteria if the manager determines, in its judgment, that the purchase of such stock is inappropriate in light of other conditions. These adjustments will result in a deviation from traditional market-capitalization weighting. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Country weights may be based on the total market capitalization of companies within each country and may take into consideration the free float of companies within a country or whether these companies are eligible to be purchased for the particular strategy. In addition, to maintain a satisfactory level of diversification, the Investment Committee may limit or fix the exposure to a particular country or region to a maximum proportion of the assets of that vehicle. Country weights may also vary due to general day-to-day trading patterns and price movements.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options on futures contracts, and options. Foreign currency forward contracts, futures contracts, and options generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Industrials sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, input controls, and government spending.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities </span><span style="font-family:Arial Narrow;font-size:9pt;">market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The MSCI World ex USA Small Cap Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV shares commenced operations on May 1, 2006. Because Class R2, Class R4, and Class R5 shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class NAV shares. Returns for Class R2, Class R4, and Class R5 shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R2 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities </span><span style="font-family:Arial Narrow;font-size:9pt;">market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R2 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R2 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R2</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">2.69%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">21.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-30.21%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-06-30
0.0269
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2132
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.3021
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1369
0.0744
0.0441
0.1239
0.0569
0.0296
0.0809
0.0530
0.0295
0.1369
0.0744
0.0441
0.1369
0.0744
0.0441
0.1794
0.0845
0.0432
0.1262
0.0705
0.0463
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the MSCI World ex-USA Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Aggressive Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is not a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 64 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0.0100
20
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0023
0.0030
0.0017
0.0034
0.0104
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
601
814
1045
1707
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 95% of its assets in underlying funds that invest primarily in equity securities and approximately 5% of its assets in underlying funds that invest primarily in fixed-income securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities are permitted to increase up to 5% and decrease up to 10% and underlying funds that invest primarily in fixed-income securities are permitted to increase up to 10% and decrease up to 5%. Thus, based on its target percentage allocation of approximately 95% of assets in equity underlying funds and 5% of its assets in fixed-income underlying funds, the fund may have an equity/fixed-income underlying fund allocation ranging between 100%/0 and 85%/15%. Although variations beyond the 5% or 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds in which the fund invests focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Morningstar U.S. Aggressive Target Allocation Index and the fund's custom blended benchmark,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the “John Hancock Lifestyle Aggressive Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 and Class A shares commenced operations on December 30, 2013 and April 26, 2021, respectively. Returns shown prior to Class A shares’ commencement date are those of Class 1 shares, except that they include any sales charges. Returns for Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.55%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">19.34%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.38%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1555
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1934
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2238
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1082
0.0940
0.0721
0.1044
0.0758
0.0555
0.0672
0.0713
0.0532
0.2629
0.1569
0.1203
0.2237
0.1245
0.0915
0.1942
0.1157
0.0857
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Growth Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is also a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 64 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0.0100
20
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0028
0.0030
0.0016
0.0031
0.0105
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
602
817
1050
1718
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">26</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.26
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 20% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 80% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Aggressive Target</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Allocation Index and the fund's custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Growth Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 and Class A shares commenced operations on December 30, 2013 and April 26, 2021, respectively. Returns shown prior to Class A shares’ commencement date are those of Class 1 shares, except that they include any sales charges. Returns for Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">13.70%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">16.68%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-18.67%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1370
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1668
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1867
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0901
0.0788
0.0621
0.0847
0.0614
0.0467
0.0559
0.0586
0.0450
0.2629
0.1569
0.1203
0.1946
0.1061
0.0797
0.1745
0.1019
0.0771
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Balanced Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 64 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0.0100
20
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0033
0.0030
0.0016
0.0028
0.0107
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
604
823
1061
1740
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 40% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 60% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderate Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and the fund's custom blended benchmark, the “John Hancock Lifestyle Balanced Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 and Class A shares commenced operations on December 30, 2013 and April 26, 2021, respectively. Returns shown prior to Class A shares’ commencement date are those of Class 1 shares, except that they include any sales charges. Returns for Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.47%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">14.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.16%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1147
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1416
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1516
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0718
0.0615
0.0508
0.0638
0.0446
0.0356
0.0443
0.0443
0.0353
0.2629
0.1569
0.1203
0.1675
0.0884
0.0693
0.1468
0.0819
0.0655
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Moderate Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 64 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0.0100
20
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0038
0.0030
0.0018
0.0025
0.0111
-0.0001
0.0110
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
607
834
1080
1783
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">47</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.47
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 60% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 40% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt </span><span style="font-family:Arial Narrow;font-size:9pt;">securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Conservative Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and the fund's custom blended benchmark, the “John Hancock Lifestyle Moderate Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 and Class A shares commenced operations on December 30, 2013 and April 26, 2021, respectively. Returns shown prior to Class A shares’ commencement date are those of Class 1 shares, except that they include any sales charges. Returns for Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.18%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.44%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.28%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0918
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1144
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1128
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0527
0.0439
0.0388
0.0425
0.0291
0.0252
0.0323
0.0301
0.0257
0.0553
0.0110
0.0181
0.1304
0.0612
0.0509
0.1211
0.0622
0.0520
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Conservative Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a high level of current income with some consideration given to growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 64 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0.0100
20
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0043
0.0030
0.0019
0.0021
0.0113
-0.0002
0.0111
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
608
839
1089
1804
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">63</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.63
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 80% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 20% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt </span><span style="font-family:Arial Narrow;font-size:9pt;">securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Conservative Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and the fund's custom blended benchmark, the “John Hancock Lifestyle Conservative Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 and Class A shares commenced operations on December 30, 2013 and April 26, 2021, respectively. Returns shown prior to Class A shares’ commencement date are those of Class 1 shares, except that they include any sales charges. Returns for Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291, Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.22%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">9.13%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.99%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0722
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0913
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.0799
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0389
0.0285
0.0281
0.0264
0.0148
0.0156
0.0234
0.0175
0.0170
0.0553
0.0110
0.0181
0.1007
0.0403
0.0371
0.0971
0.0430
0.0378
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Aggressive Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is not a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
0
0
0
0
0
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0023
0.0023
0.0023
0.0023
0.0000
0.0025
0.0025
0.0000
0.0000
0.0025
0.0010
0.0005
0.0017
0.0007
0.0007
0.0007
0.0017
0.0032
0.0017
0.0012
0.0034
0.0034
0.0034
0.0034
0.0074
0.0114
0.0099
0.0069
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
76
116
101
70
237
362
315
221
411
628
547
384
918
1386
1213
859
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 95% of its assets in underlying funds that invest primarily in equity securities and approximately 5% of its assets in underlying funds that invest primarily in fixed-income securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities are permitted to increase up to 5% and decrease up to 10% and underlying funds that invest primarily in fixed-income securities are permitted to increase up to 10% and decrease up to 5%. Thus, based on its target percentage allocation of approximately 95% of assets in equity underlying funds and 5% of its assets in fixed-income underlying funds, the fund may have an equity/fixed-income underlying fund allocation ranging between 100%/0 and 85%/15%. Although variations beyond the 5% or 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds in which the fund invests focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar U.S. Aggressive Target Allocation Index and the fund’s custom blended benchmark,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the “John Hancock Lifestyle Aggressive Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 shares commenced operations on December 30, 2013. Because Class I, Class R2, Class R4, and Class R5 shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class 1 shares. Returns for Class I, Class R2, Class R4, and Class R5 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class I</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.82%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">19.34%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.38%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1582
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1934
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2238
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1720
0.1075
0.0787
0.1631
0.0867
0.0609
0.1018
0.0804
0.0578
0.1720
0.1075
0.0787
0.1720
0.1075
0.0787
0.1720
0.1075
0.0787
0.2629
0.1569
0.1203
0.2237
0.1245
0.0915
0.1942
0.1157
0.0857
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Growth Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is also a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
0
0
0
0
0
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0028
0.0028
0.0028
0.0028
0.0000
0.0025
0.0025
0.0000
0.0000
0.0025
0.0010
0.0005
0.0016
0.0005
0.0005
0.0005
0.0016
0.0030
0.0015
0.0010
0.0031
0.0031
0.0031
0.0031
0.0075
0.0114
0.0099
0.0069
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
77
116
101
70
240
362
315
221
417
628
547
384
930
1386
1213
859
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">26</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.26
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 20% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 80% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria </span><span style="font-family:Arial Narrow;font-size:9pt;">and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Aggressive Target</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Allocation Index and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Growth Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 shares commenced operations on December 30, 2013. Because Class I, Class R2, Class R4, and Class R5 shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class 1 shares. Returns for Class I, Class R2, Class R4, and Class R5 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class I</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.07%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">16.68%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-18.67%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1407
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1668
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1867
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1518
0.0920
0.0686
0.1418
0.0723
0.0520
0.0899
0.0677
0.0496
0.1518
0.0920
0.0686
0.1518
0.0920
0.0686
0.1518
0.0920
0.0686
0.2629
0.1569
0.1203
0.1946
0.1061
0.0797
0.1745
0.1019
0.0771
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Balanced Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
0
0
0
0
0
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0033
0.0033
0.0033
0.0033
0.0000
0.0025
0.0025
0.0000
0.0000
0.0025
0.0010
0.0005
0.0016
0.0005
0.0005
0.0005
0.0016
0.0030
0.0015
0.0010
0.0028
0.0028
0.0028
0.0028
0.0077
0.0116
0.0101
0.0071
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
79
118
103
73
246
368
322
227
428
638
558
395
954
1409
1236
883
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 40% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 60% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria </span><span style="font-family:Arial Narrow;font-size:9pt;">and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderate Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Balanced Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 shares commenced operations on December 30, 2013. Because Class I, Class R2, Class R4, and Class R5 shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class 1 shares. Returns for Class I, Class R2, Class R4, and Class R5 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class I</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">14.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.16%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1179
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1416
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1516
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1310
0.0743
0.0572
0.1189
0.0554
0.0410
0.0774
0.0531
0.0399
0.1310
0.0743
0.0572
0.1310
0.0743
0.0572
0.1310
0.0743
0.0572
0.2629
0.1569
0.1203
0.1675
0.0884
0.0693
0.1468
0.0819
0.0655
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Moderate Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
0
0
0
0
0
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0038
0.0038
0.0038
0.0038
0.0000
0.0025
0.0025
0.0000
0.0000
0.0025
0.0010
0.0005
0.0018
0.0007
0.0007
0.0007
0.0018
0.0032
0.0017
0.0012
0.0025
0.0025
0.0025
0.0025
0.0081
0.0120
0.0105
0.0075
-0.0001
-0.0001
-0.0001
-0.0001
0.0080
0.0119
0.0104
0.0074
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
82
121
106
76
258
380
333
239
449
659
578
416
1001
1454
1282
929
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a </span><span style="font-family:Arial Narrow;font-size:9pt;">taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">47</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.47
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 60% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 40% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Conservative Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Conservative Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 shares commenced operations on December 30, 2013. Because Class I, Class R2, Class R4, and Class R5 shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class 1 shares. Returns for Class I, Class R2, Class R4, and Class R5 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class I</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.58%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.44%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.28%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0958
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1144
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1128
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1115
0.0567
0.0452
0.0977
0.0402
0.0308
0.0657
0.0390
0.0302
0.1115
0.0567
0.0452
0.1115
0.0567
0.0452
0.1115
0.0567
0.0452
0.0553
0.0110
0.0181
0.1304
0.0612
0.0509
0.1211
0.0622
0.0520
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Conservative Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a high level of current income with some consideration given to growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
0
0
0
0
0
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0043
0.0043
0.0043
0.0043
0.0000
0.0025
0.0025
0.0000
0.0000
0.0025
0.0010
0.0005
0.0019
0.0008
0.0008
0.0008
0.0019
0.0033
0.0018
0.0013
0.0021
0.0021
0.0021
0.0021
0.0083
0.0122
0.0107
0.0077
-0.0002
-0.0002
-0.0002
-0.0002
0.0081
0.0120
0.0105
0.0075
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
83
122
107
77
263
385
338
244
459
668
588
426
1023
1476
1304
952
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a </span><span style="font-family:Arial Narrow;font-size:9pt;">taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">63</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.63
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 80% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 20% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar U.S. Conservative Target Allocation Index and the fund’s custom blended benchmark,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the “John Hancock Lifestyle Conservative Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 shares commenced operations on December 30, 2013. Because Class I, Class R2, Class R4, and Class R5 shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class 1 shares. Returns for Class I, Class R2, Class R4, and Class R5 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class I shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class I</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.51%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">9.13%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.90%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0751
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0913
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.0790
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0975
0.0412
0.0345
0.0821
0.0261
0.0213
0.0574
0.0266
0.0217
0.0975
0.0412
0.0345
0.0975
0.0412
0.0345
0.0975
0.0412
0.0345
0.0553
0.0110
0.0181
0.1007
0.0403
0.0371
0.0971
0.0430
0.0378
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Aggressive Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is not a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0023
0.0006
0.0034
0.0063
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
64
202
351
786
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 95% of its assets in underlying funds that invest primarily in equity securities and approximately 5% of its assets in underlying funds that invest primarily in fixed-income securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities are permitted to increase up to 5% and decrease up to 10% and underlying funds that invest primarily in fixed-income securities are permitted to increase up to 10% and decrease up to 5%. Thus, based on its target percentage allocation of approximately 95% of assets in equity underlying funds and 5% of its assets in fixed-income underlying funds, the fund may have an equity/fixed-income underlying fund allocation ranging between 100%/0 and 85%/15%. Although variations beyond the 5% or 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds in which the fund invests focus their investment strategy on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar U.S. Aggressive Target Allocation Index and the fund’s custom blended benchmark,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the “John Hancock Lifestyle Aggressive Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R6</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.89%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">19.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.37%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1589
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1932
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2237
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1722
0.1078
0.0791
0.1669
0.0881
0.0617
0.1057
0.0818
0.0586
0.2629
0.1569
0.1203
0.2237
0.1245
0.0915
0.1942
0.1157
0.0857
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Growth Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is also a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0028
0.0005
0.0031
0.0064
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
65
205
357
798
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">26</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.26
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 20% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 80% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Aggressive Target</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Allocation Index and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Growth Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R6</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.04%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">16.65%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-18.64%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1404
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1665
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1864
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1529
0.0926
0.0691
0.1454
0.0738
0.0529
0.0932
0.0690
0.0504
0.2629
0.1569
0.1203
0.1946
0.1061
0.0797
0.1745
0.1019
0.0771
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Balanced Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0033
0.0005
0.0028
0.0066
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
67
211
368
822
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 40% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 60% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderate Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Balanced Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R6</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">14.05%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.06%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1183
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1405
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1506
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1314
0.0747
0.0575
0.1212
0.0563
0.0415
0.0796
0.0540
0.0404
0.2629
0.1569
0.1203
0.1675
0.0884
0.0693
0.1468
0.0819
0.0655
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Moderate Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0038
0.0007
0.0025
0.0070
-0.0001
0.0069
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
70
223
389
870
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">47</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.47
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 60% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 40% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria </span><span style="font-family:Arial Narrow;font-size:9pt;">and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Conservative Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Moderate Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R6</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.61%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.45%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.27%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0961
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1145
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1127
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1119
0.0571
0.0454
0.0994
0.0410
0.0312
0.0674
0.0398
0.0306
0.0553
0.0110
0.0181
0.1304
0.0612
0.0509
0.1211
0.0622
0.0520
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Conservative Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a high level of current income with some consideration given to growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0043
0.0008
0.0021
0.0072
-0.0002
0.0070
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
72
228
399
893
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">63</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.63
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 80% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 20% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria </span><span style="font-family:Arial Narrow;font-size:9pt;">and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar U.S. Conservative Target Allocation Index and the fund’s custom blended benchmark,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the “John Hancock Lifestyle Conservative Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">888-972-8696 between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R6</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.54%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">9.14%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.89%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0754
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0914
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.0789
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0979
0.0414
0.0348
0.0830
0.0264
0.0216
0.0583
0.0269
0.0220
0.0553
0.0110
0.0181
0.1007
0.0403
0.0371
0.0971
0.0430
0.0378
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2065 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0027
0.0027
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0041
0.0030
0.0030
0.0041
0.0040
0.0030
0.0031
0.0031
0.0031
0.0129
0.0123
0.0088
-0.0056
-0.0066
-0.0056
0.0073
0.0057
0.0032
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
571
58
33
836
325
225
1121
612
433
1932
1430
1033
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">41</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.41
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2065. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2065 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2065 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class R4 shares commenced operations on June 21, 2021 and September 23, 2020, respectively. Returns shown prior to Class A shares’ commencement date are those of Class R4 shares, except that they include any sales charges. Returns for Class A shares would have been substantially similar to returns of Class R4 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R4 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2023</span><span style="font-family:Arial Narrow;font-size:8pt;">11.20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-14.75%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1667
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2023-12-31
0.1120
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.1475
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2020-09-23
0.1813
0.0957
0.1755
0.0897
0.1105
0.0735
0.1843
0.0976
0.1199
0.0772
0.2629
0.1352
0.1974
0.1014
0.2025
0.0966
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2060 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0027
0.0027
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0022
0.0011
0.0011
0.0022
0.0021
0.0011
0.0031
0.0031
0.0031
0.0110
0.0104
0.0069
-0.0038
-0.0048
-0.0038
0.0072
0.0056
0.0031
<span style="font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
570
57
32
796
283
182
1041
527
347
1741
1228
823
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">21</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.21
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2060. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2060 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2060 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A, Class R4, and Class 1 shares commenced operations on June 21, 2021, April 6, 2017, and March 30, 2016, respectively. Returns shown prior to Class A and Class R4 shares’ commencement date are those of Class 1 shares, except that they include any sales charges. Returns for Class A and Class R4 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.86%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.68%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1660
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1886
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2068
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2016-03-30
0.1817
0.1056
0.0920
0.1760
0.0933
0.0794
0.1110
0.0820
0.0711
0.1846
0.1081
0.0940
0.1207
0.0942
0.0850
0.2629
0.1569
0.1351
0.1974
0.1104
0.0966
0.2025
0.1173
0.1048
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2055 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0027
0.0027
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0019
0.0008
0.0008
0.0019
0.0018
0.0008
0.0031
0.0031
0.0031
0.0107
0.0101
0.0066
-0.0034
-0.0044
-0.0034
0.0073
0.0057
0.0032
<span style="font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
571
58
33
791
278
177
1029
515
334
1711
1196
790
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">21</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.21
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2055. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2055 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2055 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2055 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and March 26, 2014, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.61%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.81%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.60%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1661
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1881
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2060
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2014-03-26
0.1814
0.1056
0.0786
0.1757
0.0912
0.0648
0.1108
0.0816
0.0601
0.1851
0.1082
0.0808
0.1214
0.0945
0.0736
0.2629
0.1569
0.1217
0.1962
0.1098
0.0811
0.2025
0.1173
0.0893
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2050 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0027
0.0027
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0018
0.0006
0.0007
0.0018
0.0016
0.0007
0.0031
0.0031
0.0031
0.0106
0.0099
0.0065
-0.0033
-0.0043
-0.0033
0.0073
0.0056
0.0032
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
571
57
33
789
272
175
1025
505
330
1701
1174
779
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">20</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.20
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2050. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2050 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2050 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2050 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.56%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.84%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.58%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1656
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1884
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2058
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1824
0.1056
0.0769
0.1767
0.0912
0.0635
0.1115
0.0816
0.0588
0.1843
0.1081
0.0790
0.1204
0.0945
0.0720
0.2629
0.1569
0.1203
0.1958
0.1092
0.0792
0.2025
0.1173
0.0881
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2045 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0027
0.0027
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0018
0.0006
0.0007
0.0018
0.0016
0.0007
0.0031
0.0031
0.0031
0.0106
0.0099
0.0065
-0.0033
-0.0043
-0.0033
0.0073
0.0056
0.0032
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
571
57
33
789
272
175
1025
505
330
1701
1174
779
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2045. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2045 Lifetime Blend Portfolio has a target asset allocation of 90% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2045 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2045 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.98%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.59%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1598
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1876
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2059
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1764
0.1047
0.0762
0.1704
0.0897
0.0624
0.1079
0.0809
0.0581
0.1798
0.1074
0.0784
0.1153
0.0937
0.0714
0.2629
0.1569
0.1203
0.1914
0.1068
0.0776
0.1976
0.1165
0.0877
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2040 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0029
0.0029
0.0029
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0017
0.0006
0.0006
0.0017
0.0016
0.0006
0.0030
0.0030
0.0030
0.0106
0.0100
0.0065
-0.0033
-0.0043
-0.0033
0.0073
0.0057
0.0032
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
571
58
33
789
276
175
1025
511
330
1701
1186
779
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">24</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.24
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2040. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2040 Lifetime Blend Portfolio has a target asset allocation of 82% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2040 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2040 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.86%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.28%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-19.76%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1486
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1828
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1976
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1654
0.1001
0.0744
0.1589
0.0849
0.0604
0.1009
0.0770
0.0566
0.1682
0.1027
0.0765
0.1045
0.0890
0.0695
0.2629
0.1569
0.1203
0.1816
0.1022
0.0749
0.1847
0.1110
0.0852
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2035 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0031
0.0031
0.0031
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0017
0.0006
0.0006
0.0017
0.0016
0.0006
0.0029
0.0029
0.0029
0.0107
0.0101
0.0066
-0.0034
-0.0044
-0.0034
0.0073
0.0057
0.0032
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
571
58
33
791
278
177
1029
515
334
1711
1196
790
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">31</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.31
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2035. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2035 Lifetime Blend Portfolio has a target asset allocation of 73% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2035 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2035 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">13.54%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">17.20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-18.25%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1354
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1720
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1825
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1524
0.0922
0.0695
0.1447
0.0767
0.0553
0.0929
0.0702
0.0524
0.1552
0.0947
0.0717
0.0926
0.0811
0.0647
0.2629
0.1569
0.1203
0.1663
0.0944
0.0704
0.1699
0.1024
0.0804
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2030 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0034
0.0034
0.0034
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0016
0.0005
0.0005
0.0016
0.0015
0.0005
0.0028
0.0028
0.0028
0.0108
0.0102
0.0067
-0.0035
-0.0045
-0.0035
0.0073
0.0057
0.0032
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
571
58
33
793
280
179
1033
519
339
1721
1207
801
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">37</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.37
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2030. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2030 Lifetime Blend Portfolio has a target asset allocation of 62% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2030 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2030 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">12.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">15.93%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.62%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1216
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1593
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1662
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1357
0.0830
0.0642
0.1269
0.0672
0.0499
0.0827
0.0625
0.0478
0.1383
0.0856
0.0663
0.0771
0.0721
0.0594
0.2629
0.1569
0.1203
0.1480
0.0842
0.0644
0.1540
0.0938
0.0754
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2025 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0037
0.0037
0.0037
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0018
0.0007
0.0007
0.0018
0.0017
0.0007
0.0026
0.0026
0.0026
0.0111
0.0105
0.0070
-0.0035
-0.0045
-0.0035
0.0076
0.0060
0.0035
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
574
61
36
802
289
189
1049
536
355
1754
1242
838
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">49</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.49
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2025. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2025 Lifetime Blend Portfolio has a target asset allocation of 50% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2025 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2025 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">10.55%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">14.48%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-14.85%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1055
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1448
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1485
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1187
0.0739
0.0583
0.1083
0.0578
0.0437
0.0722
0.0548
0.0426
0.1213
0.0762
0.0604
0.0613
0.0631
0.0535
0.2629
0.1569
0.1203
0.1299
0.0742
0.0585
0.1359
0.0841
0.0696
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2020 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0041
0.0041
0.0041
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0021
0.0009
0.0009
0.0021
0.0019
0.0009
0.0023
0.0023
0.0023
0.0115
0.0108
0.0073
-0.0038
-0.0048
-0.0038
0.0077
0.0060
0.0035
<span style="font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
575
61
36
811
296
195
1066
549
368
1795
1274
871
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">59</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.59
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2020. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2020 Lifetime Blend Portfolio has a target asset allocation of 43% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2020 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2020 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">12.75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-13.17%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0957
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1275
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1317
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1078
0.0639
0.0516
0.0966
0.0480
0.0373
0.0656
0.0464
0.0369
0.1114
0.0665
0.0538
0.0514
0.0531
0.0470
0.0553
0.0110
0.0181
0.1232
0.0647
0.0528
0.1233
0.0730
0.0620
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2015 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0042
0.0042
0.0042
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0034
0.0023
0.0023
0.0034
0.0033
0.0023
0.0022
0.0022
0.0022
0.0128
0.0122
0.0087
-0.0050
-0.0060
-0.0050
0.0078
0.0062
0.0037
<span style="font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
576
63
38
839
328
228
1122
613
433
1926
1424
1026
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">68</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.68
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2015. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2015 Lifetime Blend Portfolio has a target asset allocation of 37% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a Lifetime Blend Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2015 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2015 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.96%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.96%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0896
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1176
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1196
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1030
0.0581
0.0471
0.0912
0.0421
0.0327
0.0621
0.0416
0.0330
0.1067
0.0609
0.0492
0.0459
0.0476
0.0424
0.0553
0.0110
0.0181
0.1138
0.0610
0.0494
0.1150
0.0661
0.0555
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2010 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 127 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0043
0.0043
0.0043
0.0030
0.0025
0.0000
0.0000
0.0010
0.0000
0.0041
0.0030
0.0030
0.0041
0.0040
0.0030
0.0021
0.0021
0.0021
0.0135
0.0129
0.0094
-0.0057
-0.0067
-0.0057
0.0078
0.0062
0.0037
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
576
63
38
853
343
243
1151
643
464
1996
1498
1102
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">74</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.74
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2010. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2010 Lifetime Blend Portfolio has a target asset allocation of 30% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a John Hancock Lifetime Blend Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">2010 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2010 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class A and Class 1 shares commenced operations on June 21, 2021 and November 7, 2013, respectively. Class R4 shares ceased operations as of June 15, 2016 and resumed on April 6, 2017. Returns for Class R4 shares between those dates are those of Class 1 shares. Returns for Class A shares prior to its commencement of operations are those of Class 1 shares, except that they include any sales charges. Returns for Class R4 and Class A shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class R4 and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class R4 shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class R4</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.27%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">10.93%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-10.80%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0827
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1093
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1080
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0967
0.0545
0.0444
0.0838
0.0389
0.0298
0.0582
0.0385
0.0305
0.0992
0.0568
0.0464
0.0401
0.0437
0.0396
0.0553
0.0110
0.0181
0.1079
0.0561
0.0450
0.1068
0.0603
0.0506
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multi-Asset High Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Seeks to provide a high level of current income with consideration for capital appreciation and preservation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 29 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0450
0
0
0
0.0100
0.0100
0
0
20
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0042
0.0042
0.0042
0.0042
0.0025
0.0100
0.0000
0.0000
0.0033
0.0033
0.0033
0.0022
0.0006
0.0006
0.0006
0.0006
0.0106
0.0181
0.0081
0.0070
-0.0012
-0.0012
-0.0012
-0.0012
0.0094
0.0169
0.0069
0.0058
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
542
272
70
59
172
761
558
247
212
558
997
969
438
378
969
1676
1920
991
859
1920
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">46</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.46
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund has significant flexibility to achieve its investment objective and invests in a broad range of income-producing securities. The fund invests in debt and equity securities, as well as derivative instruments, in the U.S. and developed and emerging markets throughout the world. There is no limit on the number of countries in which the fund may invest, and the fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the manager attempts to capture these opportunities and has wide latitude to allocate the fund’s assets among strategies and asset classes. The manager buys and sells securities and investments for the fund based on the manager’s views of strategies, sectors, and overall portfolio construction taking into account income generation, risk/return analyses, and relative value considerations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market circumstances the fund invests in a broad range of income-producing securities across asset classes as market conditions warrant, but the fund may invest up to 100% of its assets in fixed-income securities and may invest up to 70% of its assets in equity securities from time to time to adjust to prevailing market conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in individual fixed-income securities to the fullest extent permissible. The fund may invest in a portfolio of fixed income securities such as corporate bonds and notes, mortgage-backed securities, asset-backed securities, convertible securities, preferred securities and government obligations. The fund may also invest significantly in below-investment-grade bonds (also known as junk bonds) (e.g., high yield bonds or arbitrage and distressed securities), below-investment-grade bank loans, foreign currency denominated bonds and bonds of emerging market issuers. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund’s investment in foreign currency-denominated bonds may be on a currency hedged or unhedged basis. Below-investment-grade bonds acquired by the fund directly or through investing in exchange-traded funds (ETFs) and other underlying funds will generally be in the lower categories of the major rating agencies (BB or lower by S&P Global Ratings (S&P) or Ba or lower by Moody’s Investors Service, Inc. (Moody’s)) or, if unrated, will be determined by the management team to be of similar quality. Split-rated bonds will be considered to have the higher credit rating. The fund’s investment policies are based on credit ratings at the time of purchase. The average portfolio duration of the fund will vary based on the management team’s forecast of interest rates and there are no limits regarding portfolio duration or average maturity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in common stock, preferred stock, securities convertible into common and preferred stock, and non-convertible preferred stock. The fund generally intends to invest in dividend paying stocks. From time to time, the fund may invest in shares of companies through initial public offerings (IPOs). The fund may invest in securities of both U.S. or foreign issuers without limit, which can be U.S. dollar-based or foreign currency-based and may be currency hedged or unhedged. The fund may invest in securities of companies of any market capitalization. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund also may invest extensively in derivative instruments such as futures, options, and swaps, which are generally financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to equity securities, fixed-income securities, interest rates, total return rates, currencies or currency exchange rates, and related hedging purposes. Derivatives may be used to hedge against losses from movements in stock, currency exchange rates or interest rates. Derivatives may be used for non-hedging purposes in order to invest indirectly in securities or financial markets, for duration management which allows the fund to efficiently adjust the average maturity of the fixed-income securities it holds, to gain exposure to foreign currencies, for efficient portfolio management, or to generate additional income for the fund. The fund may also invest in structured notes that provide exposure to derivative instruments. The fund also may invest in restricted or illiquid securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund writes options on a portion of the value of the fund’s portfolio, although this amount is expected to vary over time based upon U.S. and non-U.S. market conditions and other factors. The fund’s use of written call options involves a tradeoff between the options premiums received and the reduced participation in potential future security price appreciation of its portfolio. As the seller of call options, the fund receives cash (the premium) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">from purchasers of the options. The purchaser of a call option has the right to receive from the option seller any appreciation in value over a fixed price (the exercise price) as of a specified date in the future (the option expiration date). In effect, the fund sells the potential appreciation in value, or exercise price, during the term of the option in exchange for the premium. The manager also may cause the fund to sell put options if the manager considers the pricing of those options highly favorable and sale of such an option might beneficially alter the risk profile of the fund’s option exposure. The transaction costs of buying and selling options consist primarily of the bid-ask spread and commissions (which are imposed in opening, closing, exercise and assignment transactions), and may include margin and interest costs in connection with both exchange-traded and over-the-counter transactions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in other investment companies, including ETFs and closed-end funds. In addition, in seeking to achieve its investment objective, the fund may invest directly in, or indirectly through exchange-traded notes (ETNs) and investment companies, including ETFs, that focus their investment strategies on alternative or non-traditional asset categories such as commodities, market neutral (long/short) strategies, global real estate, natural resources, TIPS (Treasury Inflation-Protected Securities), foreign currency trading strategies, managed futures, arbitrage strategies, and tactical, shorter-term investment strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may trade securities actively, which could result in a higher-than-average portfolio turnover rate. The fund may focus its investments in a particular sector or sectors of the economy.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Arbitrage strategies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Arbitrage strategies involve engaging in transactions that attempt to exploit the price differences of identical, related, or similar securities within a market or different markets or in different forms. The fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Distressed investments risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Distressed investments, including loans, mortgages, bonds, and notes, may not be publicly traded and may involve substantial risk. A fund may lose up to its entire investment.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Bond Connect Program (Bond Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China bonds through Bond Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Bonds listed on Bond Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Bond Connect may affect bond prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Natural resources industry risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The natural resources industry can be significantly affected by international political and economic developments, energy conservation and exploration efforts, natural disasters or other extreme weather conditions, commodity prices, and taxes and other governmental regulations, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The fund’s custom blended benchmark comprises 20% MSCI USA High Dividend Yield Index/ 10% MSCI World ex-USA High Dividend Yield Index/ 25% Bloomberg US Aggregate Credit - Corporate Investment Grade Index/ 45% Bloomberg Global High Yield (USD Hedged) Index and shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary. The returns for Class A shares have been </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">adjusted to reflect the increase in the maximum sales charge from 4.00% to 4.50%, effective May 16, 2020.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.42%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">8.40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-13.47%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1142
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0840
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1347
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2014-11-14
0.0283
0.0362
0.0269
0.0068
0.0153
0.0092
0.0179
0.0202
0.0139
0.0598
0.0382
0.0246
0.0794
0.0484
0.0350
0.0806
0.0496
0.0362
0.0553
0.0110
0.0143
0.2379
0.1280
0.0886
0.1132
0.0538
0.0470
0.1082
0.0477
0.0383
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2065 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0020
0.0020
0.0020
0.0020
0.0020
0.0020
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0040
0.0040
0.0029
0.0029
0.0029
0.0029
0.0040
0.0040
0.0054
0.0039
0.0034
0.0029
0.0065
0.0065
0.0065
0.0065
0.0065
0.0065
0.0155
0.0125
0.0164
0.0149
0.0119
0.0114
-0.0056
-0.0056
-0.0056
-0.0066
-0.0056
-0.0056
0.0099
0.0069
0.0108
0.0083
0.0063
0.0058
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
596
70
110
85
64
59
913
341
463
406
322
307
1252
632
839
751
600
573
2208
1462
1897
1723
1393
1336
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">23</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.23
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2065. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2065 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2065 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2023</span><span style="font-family:Arial Narrow;font-size:8pt;">11.09%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.60%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1610
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2023-12-31
0.1109
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.1560
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2020-09-23
0.1233
0.0686
0.1141
0.0586
0.0788
0.0515
0.1859
0.0888
0.1843
0.0873
0.1856
0.0884
0.1866
0.0898
0.1881
0.0901
0.2629
0.1352
0.1974
0.1014
0.2025
0.0966
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2060 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0020
0.0020
0.0020
0.0020
0.0020
0.0020
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0022
0.0022
0.0011
0.0011
0.0011
0.0011
0.0022
0.0022
0.0036
0.0021
0.0016
0.0011
0.0065
0.0065
0.0065
0.0065
0.0065
0.0065
0.0137
0.0107
0.0146
0.0131
0.0101
0.0096
-0.0038
-0.0038
-0.0038
-0.0048
-0.0038
-0.0038
0.0099
0.0069
0.0108
0.0083
0.0063
0.0058
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
596
70
110
85
64
59
877
303
424
368
284
268
1178
553
761
672
521
494
2033
1271
1714
1537
1202
1143
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2060. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2060 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2060 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.11%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.96%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.49%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1611
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2096
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2049
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2016-03-30
0.1242
0.0922
0.0821
0.1152
0.0739
0.0659
0.0791
0.0705
0.0627
0.1873
0.1067
0.0927
0.1816
0.1027
0.0894
0.1856
0.1059
0.0919
0.1872
0.1072
0.0932
0.1885
0.1078
0.0938
0.2629
0.1569
0.1351
0.1974
0.1104
0.0966
0.2025
0.1173
0.1048
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2055 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0020
0.0020
0.0020
0.0020
0.0020
0.0020
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0020
0.0020
0.0009
0.0009
0.0009
0.0009
0.0020
0.0020
0.0034
0.0019
0.0014
0.0009
0.0065
0.0065
0.0065
0.0065
0.0065
0.0065
0.0135
0.0105
0.0144
0.0129
0.0099
0.0094
-0.0034
-0.0034
-0.0034
-0.0044
-0.0034
-0.0034
0.0101
0.0071
0.0110
0.0085
0.0065
0.0060
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
598
73
112
87
66
61
874
300
422
366
281
266
1172
546
755
665
514
487
2015
1252
1695
1518
1182
1124
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2055. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2055 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2055 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2055 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on March 26, 2014 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.07%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.96%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.49%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1607
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2096
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2049
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2014-03-26
0.1238
0.0917
0.0678
0.1158
0.0719
0.0510
0.0784
0.0700
0.0507
0.1871
0.1063
0.0762
0.1822
0.1018
0.0733
0.1856
0.1057
0.0763
0.1875
0.1068
0.0776
0.1881
0.1076
0.0781
0.2629
0.1569
0.1217
0.1962
0.1098
0.0811
0.2025
0.1173
0.0893
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2050 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0020
0.0020
0.0020
0.0020
0.0020
0.0020
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0018
0.0018
0.0007
0.0007
0.0007
0.0007
0.0018
0.0018
0.0032
0.0017
0.0012
0.0007
0.0065
0.0065
0.0065
0.0065
0.0065
0.0065
0.0133
0.0103
0.0142
0.0127
0.0097
0.0092
-0.0032
-0.0032
-0.0032
-0.0042
-0.0032
-0.0032
0.0101
0.0071
0.0110
0.0085
0.0065
0.0060
<span style="font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
598
73
112
87
66
61
870
296
418
361
277
261
1163
538
746
657
505
478
1995
1230
1674
1497
1161
1102
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">19</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2050. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2050 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2050 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2050 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 and Class I shares commenced operations on April 29, 2011 and March 27, 2015, respectively. Returns shown prior to Class I shares’ commencement date are those of Class 1 shares. Returns for Class I shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.11%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.90%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.46%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1611
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2090
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2046
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1232
0.0914
0.0666
0.1154
0.0699
0.0473
0.0779
0.0696
0.0491
0.1867
0.1062
0.0756
0.1818
0.1018
0.0713
0.1845
0.1045
0.0739
0.1873
0.1068
0.0761
0.1879
0.1073
0.0766
0.2629
0.1569
0.1203
0.1958
0.1092
0.0792
0.2025
0.1173
0.0881
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2045 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0021
0.0021
0.0021
0.0021
0.0021
0.0021
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0017
0.0017
0.0006
0.0006
0.0006
0.0006
0.0017
0.0017
0.0031
0.0016
0.0011
0.0006
0.0064
0.0064
0.0064
0.0064
0.0064
0.0064
0.0132
0.0102
0.0141
0.0126
0.0096
0.0091
-0.0032
-0.0032
-0.0032
-0.0042
-0.0032
-0.0032
0.0100
0.0070
0.0109
0.0084
0.0064
0.0059
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
597
72
111
86
65
60
867
293
415
358
274
258
1158
532
741
651
500
473
1984
1219
1663
1486
1149
1090
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">16</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.16
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2045. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2045 Lifetime Portfolio has a target asset allocation of 90% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2045 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2045 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.69%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.91%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.44%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1569
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2091
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2044
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1194
0.0909
0.0664
0.1109
0.0654
0.0434
0.0759
0.0682
0.0478
0.1823
0.1055
0.0744
0.1786
0.1014
0.0711
0.1804
0.1042
0.0737
0.1835
0.1064
0.0759
0.1834
0.1069
0.0765
0.2629
0.1569
0.1203
0.1914
0.1068
0.0776
0.1976
0.1165
0.0877
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2040 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0022
0.0022
0.0022
0.0022
0.0022
0.0022
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0017
0.0017
0.0005
0.0005
0.0005
0.0005
0.0017
0.0017
0.0030
0.0015
0.0010
0.0005
0.0063
0.0063
0.0063
0.0063
0.0063
0.0063
0.0132
0.0102
0.0140
0.0125
0.0095
0.0090
-0.0032
-0.0032
-0.0032
-0.0042
-0.0032
-0.0032
0.0100
0.0070
0.0108
0.0083
0.0063
0.0058
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
597
72
110
85
64
59
867
293
412
355
271
255
1158
532
735
646
494
467
1984
1219
1652
1474
1137
1078
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2040. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2040 Lifetime Portfolio has a target asset allocation of 82% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2040 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2040 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.59%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-19.61%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1459
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2023
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1961
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1096
0.0866
0.0643
0.1011
0.0617
0.0418
0.0688
0.0648
0.0463
0.1706
0.1013
0.0724
0.1660
0.0968
0.0689
0.1693
0.0999
0.0716
0.1710
0.1018
0.0738
0.1724
0.1025
0.0743
0.2629
0.1569
0.1203
0.1816
0.1022
0.0749
0.1847
0.1110
0.0852
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2035 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0023
0.0023
0.0023
0.0023
0.0023
0.0023
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0016
0.0016
0.0005
0.0005
0.0005
0.0005
0.0016
0.0016
0.0030
0.0015
0.0010
0.0005
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0131
0.0101
0.0140
0.0125
0.0095
0.0090
-0.0031
-0.0031
-0.0031
-0.0041
-0.0031
-0.0031
0.0100
0.0070
0.0109
0.0084
0.0064
0.0059
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
597
72
111
86
65
60
865
291
413
356
272
256
1154
528
736
647
495
468
1974
1208
1653
1475
1138
1079
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">16</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.16
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2035. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2035 Lifetime Portfolio has a target asset allocation of 73% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2035 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2035 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">13.37%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-18.09%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1337
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1876
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1809
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0967
0.0793
0.0601
0.0883
0.0549
0.0378
0.0598
0.0589
0.0428
0.1587
0.0933
0.0678
0.1542
0.0893
0.0647
0.1586
0.0925
0.0675
0.1586
0.0942
0.0694
0.1593
0.0949
0.0700
0.2629
0.1569
0.1203
0.1663
0.0944
0.0704
0.1699
0.1024
0.0804
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2030 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0024
0.0024
0.0024
0.0024
0.0024
0.0024
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0016
0.0016
0.0005
0.0005
0.0005
0.0005
0.0016
0.0016
0.0030
0.0015
0.0010
0.0005
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0130
0.0100
0.0139
0.0124
0.0094
0.0089
-0.0031
-0.0031
-0.0031
-0.0041
-0.0031
-0.0031
0.0099
0.0069
0.0108
0.0083
0.0063
0.0058
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
596
70
110
85
64
59
862
288
410
353
269
253
1149
522
731
642
490
463
1964
1196
1642
1464
1126
1068
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2030. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2030 Lifetime Portfolio has a target asset allocation of 62% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2030 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2030 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.80%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">17.11%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.33%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1180
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1711
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1633
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0846
0.0715
0.0557
0.0746
0.0481
0.0337
0.0520
0.0523
0.0390
0.1438
0.0860
0.0636
0.1391
0.0817
0.0602
0.1414
0.0844
0.0629
0.1446
0.0868
0.0650
0.1453
0.0871
0.0656
0.2629
0.1569
0.1203
0.1480
0.0842
0.0644
0.1540
0.0938
0.0754
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2025 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0026
0.0026
0.0026
0.0026
0.0026
0.0026
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0017
0.0017
0.0005
0.0005
0.0005
0.0005
0.0017
0.0017
0.0030
0.0015
0.0010
0.0005
0.0059
0.0059
0.0059
0.0059
0.0059
0.0059
0.0132
0.0102
0.0140
0.0125
0.0095
0.0090
-0.0034
-0.0034
-0.0034
-0.0044
-0.0034
-0.0034
0.0098
0.0068
0.0106
0.0081
0.0061
0.0056
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
595
69
108
83
62
57
866
291
410
353
269
253
1156
530
733
644
492
465
1983
1217
1650
1473
1135
1077
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2025. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2025 Lifetime Portfolio has a target asset allocation of 50% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2025 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2025 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">10.24%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">15.30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-14.55%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1024
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1530
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1455
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0683
0.0635
0.0506
0.0556
0.0395
0.0282
0.0421
0.0454
0.0345
0.1284
0.0779
0.0586
0.1234
0.0737
0.0553
0.1268
0.0762
0.0578
0.1279
0.0784
0.0598
0.1286
0.0788
0.0604
0.2629
0.1569
0.1203
0.1299
0.0742
0.0585
0.1359
0.0841
0.0696
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2020 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0027
0.0027
0.0027
0.0027
0.0027
0.0027
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0019
0.0019
0.0008
0.0008
0.0008
0.0008
0.0019
0.0019
0.0033
0.0018
0.0013
0.0008
0.0057
0.0057
0.0057
0.0057
0.0057
0.0057
0.0133
0.0103
0.0142
0.0127
0.0097
0.0092
-0.0037
-0.0037
-0.0037
-0.0047
-0.0037
-0.0037
0.0096
0.0066
0.0105
0.0080
0.0060
0.0055
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
593
67
107
82
61
56
866
291
413
356
272
256
1159
533
741
652
500
473
1991
1226
1670
1493
1156
1097
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">19</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2020. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2020 Lifetime Portfolio has a target asset allocation of 43% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2020 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2020 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.48%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">13.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-12.46%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0948
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1316
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1246
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0552
0.0546
0.0446
0.0431
0.0298
0.0214
0.0341
0.0377
0.0291
0.1142
0.0690
0.0527
0.1095
0.0648
0.0492
0.1123
0.0673
0.0517
0.1153
0.0693
0.0539
0.1162
0.0701
0.0545
0.0553
0.0110
0.0181
0.1232
0.0647
0.0528
0.1233
0.0730
0.0620
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2015 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0
0
0
0
0
20
0
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0028
0.0028
0.0028
0.0028
0.0028
0.0028
0.0030
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0005
0.0000
0.0027
0.0027
0.0016
0.0016
0.0016
0.0016
0.0027
0.0027
0.0041
0.0026
0.0021
0.0016
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0139
0.0109
0.0148
0.0133
0.0103
0.0098
-0.0045
-0.0045
-0.0045
-0.0055
-0.0045
-0.0045
0.0094
0.0064
0.0103
0.0078
0.0058
0.0053
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
591
65
105
80
59
54
876
302
424
367
283
267
1182
557
765
676
525
498
2048
1288
1730
1553
1219
1160
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">19</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2015. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2015 Lifetime Portfolio has a target asset allocation of 37% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a John Hancock Multimanager Lifetime Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2015 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2015 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.74%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.74%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.33%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0874
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1174
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1133
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0502
0.0493
0.0404
0.0369
0.0251
0.0163
0.0307
0.0330
0.0250
0.1087
0.0631
0.0480
0.1052
0.0595
0.0449
0.1083
0.0636
0.0483
0.1110
0.0641
0.0495
0.1114
0.0646
0.0502
0.0553
0.0110
0.0181
0.1138
0.0610
0.0494
0.1150
0.0661
0.0555
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2010 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 156 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0
0
0.0100
0
0
0
0
20
0
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">your investment)</span>
0.0029
0.0029
0.0029
0.0029
0.0029
0.0030
0.0000
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0005
0.0000
0.0031
0.0032
0.0020
0.0020
0.0020
0.0031
0.0032
0.0045
0.0025
0.0020
0.0053
0.0053
0.0053
0.0053
0.0053
0.0143
0.0114
0.0152
0.0107
0.0102
-0.0052
-0.0052
-0.0052
-0.0052
-0.0052
0.0091
0.0062
0.0100
0.0055
0.0050
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
588
63
102
56
51
881
311
429
289
273
1196
577
780
540
513
2085
1340
1768
1259
1201
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">24</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.24
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2010. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2010 Lifetime Portfolio has a target asset allocation of 30% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a John Hancock Multimanager Lifetime Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2010 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2010 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class R1 and Class I shares commenced operations on October 30, 2006 and March 27, 2015, respectively. Class R1 shares ceased operations on October 23, 2020. Returns for Class I shares prior to commencement date are those of Class R1 shares. Returns for Class I shares would have been substantially similar to returns of Class R1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class R1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R5, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.11%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">10.69%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-10.50%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0811
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1069
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1050
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0430
0.0451
0.0371
0.0285
0.0232
0.0151
0.0264
0.0295
0.0224
0.1015
0.0589
0.0448
0.0989
0.0551
0.0418
0.1022
0.0593
0.0463
0.1026
0.0600
0.0468
0.0553
0.0110
0.0181
0.1079
0.0561
0.0450
0.1068
0.0603
0.0506
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock New Opportunities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 22 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0
0
0
0
0.0100
0.0100
0
0
0
0
20
20
0
0
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">the value of your investment)</span>
0.0073
0.0073
0.0073
0.0073
0.0073
0.0073
0.0025
0.0100
0.0000
0.0025
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0010
0.0000
0.0024
0.0024
0.0024
0.0013
0.0013
0.0013
0.0024
0.0024
0.0024
0.0038
0.0023
0.0013
0.0122
0.0197
0.0097
0.0136
0.0121
0.0086
-0.0001
-0.0001
-0.0001
-0.0001
-0.0011
-0.0001
0.0121
0.0196
0.0096
0.0135
0.0110
0.0085
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
617
299
98
137
112
87
199
867
617
308
430
373
273
617
1136
1061
535
744
654
476
1061
1903
2101
1189
1634
1456
1060
2101
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">15</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.15
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal circumstances, the fund invests at least 80% of its assets in equity securities of small-capitalization U.S. companies. The fund primarily invests in common stock and preferred stock of U.S. small-capitalization companies. Small-capitalization companies are those with a market capitalization at the time of purchase of less than $5 billion or otherwise within the range of capitalizations of companies in the Russell 2000 Index, the S&P SmallCap 600 Index, or the Dow Jones U.S. Small-Cap Total Stock Market Index. Capitalization ranges will change over time. The fund may invest in any economic sector, and at times may emphasize one or more particular sectors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund also may invest in: (a) securities of foreign issuers, including foreign issuers located in emerging markets, either directly through investments in foreign currency-denominated securities traded outside of the U.S. or indirectly through depositary receipts; (b) real estate investment trusts (REITs); (c) initial public offerings (IPOs); and (d) master limited partnerships (MLPs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager utilizes fundamental research and bottom-up stock selection to identify undervalued small cap companies with sustainable earnings growth, and whose management is focused on enhancing value for shareholders. The manager seeks to hold securities for the long term. The manager focuses on quality small-cap companies with sound management and long-term sustainable growth, regardless of style. In selecting companies, the manager looks for firms with the following key attributes: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Experienced, tenured, high-quality management </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Business models that deliver consistent long-term growth </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Leading companies in attractive and defensible niche markets </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Strong financial characteristics; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Appropriate valuation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Various factors may lead the manager to consider selling a particular security, such as a significant change in the relevant company’s senior management or its products, deterioration in its fundamental characteristics, if the company has corporate governance issues, or if the manager believes that the security has become overvalued.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Healthcare sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Master limited partnership (MLP) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 2000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to September 27, 2014, the fund was managed by subadvisors other than the fund’s current subadvisor, GW&K Investment Management, LLC (GW&K) pursuant to a different investment strategy. From September 27, 2014 to September 6, 2019, the fund was managed by Brandywine Global Investment Management, LLC, Dimensional Fund Advisors LP, and GW&K pursuant to a multi-manager investment strategy. Effective on September 6, 2019, GW&K became the fund’s sole subadvisor. The performance information presented for periods prior to September 6, 2019, reflects management of the fund consistent with investment strategies in effect during those periods and might have been different if the fund’s investments had been managed under its current investment strategies solely by GW&K.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV, Class A, Class C, Class I, Class R2, Class R4, and Class R6 shares commenced operations on October 17, 2005, May 27, 2015, May 27, 2015, May 27, 2015, May 27, 2015, May 27, 2015, and May 27, 2015, respectively. Returns shown prior to a class’s commencement date are those of Class NAV shares, except that they include any sales charges. Returns for Class A, Class C, Class I, Class R2, Class R4, and Class R6 shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, Class R4, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.31%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">29.50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-25.77%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0731
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2950
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2577
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0874
0.0912
0.0565
0.0753
0.0765
0.0357
0.0603
0.0712
0.0396
0.1262
0.0942
0.0554
0.1475
0.1052
0.0645
0.1444
0.1023
0.0624
0.1466
0.1045
0.0639
0.1487
0.1064
0.0654
0.2596
0.1516
0.1148
0.1866
0.0922
0.0716
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Opportunistic Fixed Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek maximum total return, consistent with preservation of capital and prudent investment management.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 28 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0400
0
0
0
0.0075
0.0100
0
0
20
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0065
0.0065
0.0065
0.0065
0.0025
0.0100
0.0000
0.0000
0.0045
0.0045
0.0045
0.0034
0.0001
0.0001
0.0001
0.0001
0.0136
0.0211
0.0111
0.0100
-0.0019
-0.0019
-0.0019
-0.0019
0.0117
0.0192
0.0092
0.0081
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
514
295
94
83
195
796
643
334
299
643
1097
1117
593
534
1117
1954
2235
1335
1207
2235
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">90</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.90
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed-income instruments. Fixed income instruments include, but are not limited to the following securities, which may be denominated in U.S. dollars or foreign currencies: sovereign debt, inflation-linked bonds, corporate and high yield credit (also known as “junk bonds”), securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a lender. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In order to achieve its investment objective, the manager seeks to: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">invest across multiple asset types, geographies, credit tiers, and time horizons; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provide timely and dynamic exposure to a portfolio of global fixed income securities consisting of sovereign debt, inflation-linked bonds, corporate and high yield credit, securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">manage the fund’s overall performance volatility within a range as reflected by the Bloomberg Global Aggregate Bond Index hedged to USD over the medium to long-term; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">generate total returns through three main approaches: strategic sector positioning, market-neutral strategies, and tactical asset allocation: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">the strategic sector component of the portfolio provides exposure to non-core investment opportunities (e.g. emerging markets debt, high yield credit, bank loans etc.) that are designed to capture the repricing of long-term structural themes in the business cycle; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">the market neutral component of the portfolio is primarily expressed via relative value positioning, aimed at providing incremental return with low correlation to the direction of global fixed income markets. Market neutral positions are typically taken on interest rates, currencies, corporate and high yield credit, and emerging market debt positions; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tactical asset allocation is used to capture both short and medium term dislocations in the market. Tactical opportunities are primarily expressed via sector rotation, country selection, security selection, currency management strategies and duration management strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">combine the three approaches noted above in a holistic manner while managing aggregate portfolio risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in securities that at times may have equity-like characteristics including, but not limited to convertible securities or preferred equity. Additionally, the fund may hold equities received as part of a corporate action. The fund also may hold all or a portion of its assets in cash, money market instruments, bonds or other debt securities for defensive or other purposes. The fund may engage in active trading and may have a high portfolio turnover rate. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund makes significant use of derivative instruments and may take both long and short positions in securities. Derivatives may be used for purposes of hedging and/or efficient portfolio management and/or investment purposes. Derivatives may be exchange-traded or over-the-counter and may include futures contracts, options, credit default swaps, foreign currency swaps, interest rate swaps, total return swaps and foreign currency forward contracts. In its use of derivatives, the fund aims to contribute to the target return and the volatility strategies of the fund. The use of derivative instruments as part of the investment strategy means that the fund may, from time to time, have substantial holdings in liquid assets, including deposits and money market instruments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, foreign currency swaps, total return swaps, futures contracts, interest-rate swaps, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In a short sale, a fund pays interest on a borrowed security. The fund will lose money if the price of the borrowed security increases between the short sale and the replacement date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The Bloomberg Global Aggregate Bond Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1, Class A, Class C, Class I, and Class R6 shares commenced operations on October 17, 2005, June 4, 2021, June 4, 2021, June 4, 2021, and June 4, 2021, respectively. Returns shown prior to a class’s commencement date are those of Class 1 shares, except that they include any sales charges. Returns for Class A, Class C, Class I, and Class R6 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to February 28, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to February 28, 2020.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 5.00% to 4.00%, effective March 1, 2024.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">-1.54%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">8.53%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.92%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-06-30
-0.0154
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0853
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-03-31
-0.0792
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0351
0.0146
0.0156
0.0338
0.0025
0.0077
0.0208
0.0061
0.0086
0.0603
0.0189
0.0177
0.0812
0.0242
0.0204
0.0824
0.0249
0.0207
0.0715
0.0140
0.0242
0.0572
-0.0032
0.0038
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Real Estate Securities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek to achieve a combination of long-term capital appreciation and current income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 22 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0
0
0.0100
0.0100
0
0
20
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0070
0.0070
0.0070
0.0070
0.0025
0.0100
0.0000
0.0000
0.0022
0.0023
0.0022
0.0011
0.0117
0.0193
0.0092
0.0081
-0.0001
-0.0001
-0.0001
-0.0001
0.0116
0.0192
0.0091
0.0080
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
612
295
93
82
195
852
605
292
258
605
1111
1041
508
449
1041
1849
2056
1130
1001
2056
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">72</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.72
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of real estate investment trusts (“REITs”) and real estate companies. Equity securities include common stock, preferred stock and securities convertible into common stock. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A company is considered to be a real estate company if the Global Industry Classification Standards includes the company within its Real Estate sector or Hotels, Restaurants & Leisure Industry or Homebuilding sub-industry. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager looks for real estate securities it believes will provide superior returns to the fund, and attempts to focus on companies with the potential for stock price appreciation and a record of paying dividends. This may include companies of any market capitalization, including small and mid-sized companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s approach to real estate investing is based on a bottom-up analysis of factors affecting individual securities, combined with a top-down analysis of the real estate market. The manager believes that property markets overly discount and extrapolate short-term events and that a research-intensive and long-term focus are the keys to sustainable returns. By focusing on multiple metrics to determine the value of a company, the manager is able to identify mis-pricing between stock prices and fundamentals, and ultimately invest in what the manager believes are long-term winners at below market valuations. The manager’s bottom-up research coupled with top-down trends in the property markets allow the manager to effectively capture inflection points and own companies with dominant and improving market positions before their true value is recognized by the broader investment community. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A REIT invests primarily in income-producing real estate or makes loans to persons involved in the real estate industry. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Some REITs, called equity REITs, buy real estate and pay investors income from the rents received from the real estate owned by the REIT and from any profits on the sale of its properties. Other REITs, called mortgage REITs, lend money to building developers and other real estate companies and pay investors income from the interest paid on those loans. There are also hybrid REITs which engage in both owning real estate and making loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">If a REIT meets certain requirements, it is not taxed on the income it distributes to its investors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may realize some short-term gains or losses if the manager chooses to sell a security because it believes that one or more of the following is true: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A security is not fulfilling its investment purpose; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A security has reached its optimum valuation; or </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A particular company or general economic conditions have changed. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Based on its recent practices, the manager expects that the fund’s assets will be invested primarily in equity REITs. In changing market conditions, the fund may invest in other types of REITs. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When the manager believes that it is prudent, the fund may invest a portion of its assets in other types of securities. These securities may include convertible securities, short-term securities, bonds, notes, securities of companies not principally engaged in the real estate industry, non-leveraged stock index futures contracts and other similar securities. (Stock index futures contracts can help the fund’s cash assets remain liquid while performing more like stocks.) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in securities of foreign real estate companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer. The fund concentrates its investments in securities of issuers in the real estate industry.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Concentration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors. A downturn in the real estate industry may significantly detract from performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts. Futures contracts generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;">The Dow Jones U.S. Select REIT Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1, Class A, Class C, Class I, and Class R6 shares commenced operations on October 15, 2005, December 2, 2020, December 2, 2020, December 2, 2020, and December 2, 2020, respectively. Returns shown prior to a class’s commencement date are those of Class 1 shares, except that they do not include sales charges and would be lower if they did. Returns for Class A, Class C, Class I, and Class R6 shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to November 16, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to November 16, 2020.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.96%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2021</span><span style="font-family:Arial Narrow;font-size:8pt;">17.05%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.99%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1596
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2021-12-31
0.1705
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2299
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0705
0.0633
0.0726
0.0617
0.0421
0.0479
0.0418
0.0455
0.0508
0.1070
0.0691
0.0756
0.1282
0.0760
0.0790
0.1296
0.0765
0.0793
0.2629
0.1569
0.1203
0.1396
0.0612
0.0700
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Small Cap Dynamic Growth Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 18 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0500
0
0
0
0.0100
0.0100
0
0
20
20
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">investment)</span>
0.0085
0.0085
0.0085
0.0085
0.0025
0.0100
0.0000
0.0000
0.0021
0.0021
0.0021
0.0010
0.0001
0.0001
0.0001
0.0001
0.0132
0.0207
0.0107
0.0096
-0.0001
-0.0001
-0.0001
-0.0001
0.0131
0.0206
0.0106
0.0095
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
627
309
108
97
209
896
648
339
305
648
1186
1113
589
530
1113
2010
2207
1305
1177
2207
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">177</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
1.77
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of small-cap companies. The fund defines small-cap companies as those that, at the time of initial purchase, have a market capitalization equal to or less than the largest company in the Russell 2000 Growth Index (approximately $13.7 billion as of October 31, 2024). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests mainly in common stocks, but it may also invest in exchange-traded funds (ETFs) to a limited extent, generally for purposes of gaining temporary market exposure. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s growth philosophy and process is focused on fundamental, bottom-up stock selection and includes three key elements: (i) positive fundamental changes, (ii) sustainable earnings growth, and (iii) an attractive valuation. The manager’s investment process generally begins with the broad universe of securities included in U.S. small capitalization indices. The manager seeks to achieve the fund’s investment objective by investing in equity investments that the manager believes will provide higher returns than the Russell 2000 Growth Index. The manager then focuses its fundamental research by collecting, scoring and monitoring forward-looking operational data related to specific companies, industries, and sectors. It then seeks to identify quantifiable changes by consistently tracking these data points. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Once the manager has identified a positive change, it holistically assesses the key company, industry, sector, macro and country stock drivers and compares them to consensus expectations. The fund may focus its investments in a particular sector or sectors of the economy. The manager then determines a risk/return rating for each company it has identified. This ranking is utilized by the portfolio management team to build a portfolio with consistent and balanced risk/return characteristics. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The operational metrics and investment thesis of the portfolio’s holdings are continuously monitored to ensure the ranking and weighting of each security in the portfolio is appropriate given the level of risk/return. The fund may trade securities actively as the investment thesis improves or deteriorates.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Healthcare sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small companies are generally less established and may be more volatile than larger companies. Small-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 2000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV, Class A, Class C, Class I, and Class R6 shares commenced operations on October 31, 2005, March 27, 2018, March 27, 2018, March 27, 2018, and March 27, 2018, respectively. Returns shown prior to a class’s commencement date are those of Class NAV shares, except that they include any sales charges. Returns for shares would have been substantially similar to returns of Class NAV shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class NAV shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to November 29, 2023, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The performance information presented for periods prior to November 29, 2023 reflects management of the fund consistent with investment strategies in effect during those periods and might have been different if the fund’s investments had been managed under its current investment strategies by the current subadvisor.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and Class C), Monday to </span><span style="font-family:Arial Narrow;font-size:9pt;">Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">29.91%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">25.40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.62%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2991
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2540
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2062
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0052
0.0480
0.0496
0.0052
0.0313
0.0263
0.0031
0.0408
0.0374
0.0400
0.0508
0.0504
0.0609
0.0612
0.0564
0.0619
0.0625
0.0571
0.2596
0.1516
0.1148
0.1866
0.0922
0.0716
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Small Cap Value Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 18 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
50000
50000
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%)</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> (fees paid directly from your investment)</span>
0.0500
0
0
0.0100
0
0
20
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0094
0.0094
0.0094
0.0030
0.0000
0.0000
0.0019
0.0019
0.0008
0.0143
0.0113
0.0102
-0.0004
-0.0004
-0.0004
0.0139
0.0109
0.0098
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
634
111
100
926
355
321
1239
618
559
2124
1371
1244
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small-cap companies that are believed to be undervalued by various measures and offer good prospects for capital appreciation. The fund defines small-cap companies as those with market capitalizations at or below the market capitalization of the largest company represented in either the Russell 2000 Value Index (approximately $13.7 billion as of October 31, 2024) or the S&P SmallCap 600 Index (approximately $9.2 billion as of October 31, 2024). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests primarily in a diversified mix of common stocks of U.S. small-cap companies. The manager employs a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify stocks the manager believes have distinct value characteristics based on industry-specific valuation criteria. The manager focuses on high-quality companies with a proven record of above-average rates of profitability that sell at a discount relative to the overall small-cap market. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager seeks to identify companies demonstrating one or more of the following characteristics: sustainable competitive advantages within a market niche; strong profitability and free cash flows; strong market share positions and trends; quality of and share ownership by management; and conservative financial structures relative to industry average. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s sector exposures are broadly diversified but may vary significantly from the fund’s benchmark. The fund may invest up to 15% of its total assets in foreign securities (including up to 5% in emerging-market securities). The fund may invest significantly in financial services companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal circumstances, the fund invests 10% or less (usually less) of its total assets in cash and cash equivalents. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in initial public offerings (IPOs). The fund may also purchase real estate investment trusts (REITs) or other real estate related equity securities, U.S. dollar-denominated foreign securities, and certain exchange-traded funds (ETFs). ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities that compose the ETF. The fund may focus its investments in a particular sector or sectors of the economy.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Financial services sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. The industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, and technological developments, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Value investment style risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 2000 Value Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, </span><span style="font-family:Arial Narrow;font-size:9pt;">8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A), Monday to Thursday, </span><span style="font-family:Arial Narrow;font-size:9pt;">8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.55%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">34.40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-35.39%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0755
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.3440
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.3539
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0807
0.0759
0.0522
0.0551
0.0534
0.0354
0.0652
0.0570
0.0388
0.1409
0.0904
0.0608
0.1421
0.0915
0.0620
0.2596
0.1516
0.1148
0.1465
0.1000
0.0676
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Strategic Income Opportunities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek to maximize total return consisting of current income and capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge (CDSC) waivers (See Appendix 1 - Intermediary sales charge waivers, which includes information about specific sales charge waivers applicable to the intermediaries identified therein). More information about these and other discounts is available from your financial professional and beginning on page 26 of the prospectus under “Sales charge reductions and waivers” or page 144 of the fund’s Statement of Additional Information under “Sales Charges on Class A and Class C Shares.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">You may qualify for sales </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">charge discounts on Class A shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> in the John Hancock family of funds.</span>
100000
100000
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0.0400
0
0
0
0
0.0075
0.0100
0
0
0
20
20
0
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">your investment)</span>
0.0066
0.0066
0.0066
0.0066
0.0066
0.0030
0.0100
0.0000
0.0025
0.0000
0.0000
0.0000
0.0000
0.0025
0.0000
0.0017
0.0017
0.0017
0.0006
0.0006
0.0017
0.0017
0.0017
0.0031
0.0006
0.0113
0.0183
0.0083
0.0122
0.0072
-0.0005
-0.0005
-0.0005
-0.0005
-0.0005
0.0108
0.0178
0.0078
0.0117
0.0067
<span style="font-family:Arial Narrow;font-size:8pt;">“Service plan fee” has been restated to reflect maximum allowable fees.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then, except as shown below, assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares Sold</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shares</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Not Sold</span>
506
281
80
119
68
181
740
571
260
382
225
571
993
986
456
666
396
986
1715
1960
1021
1473
890
1960
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">37</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.37
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its assets in the following types of securities, which may be denominated in U.S. dollars or foreign currencies: foreign government and corporate debt securities from developed and emerging markets, U.S. government and agency securities, domestic high-yield bonds, and investment-grade corporate bonds and currency instruments. The fund may also invest in preferred stock and other types of debt securities, including mortgage-and asset-backed securities and loans. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risk of being a direct lender. No more than 80% of the fund’s assets will consist of instruments denominated in foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Although the fund may invest up to 10% of its total assets in securities rated as low as D (in default) by S&P Global Ratings (S&P) or Moody’s Investors Service, Inc. (Moody’s), or their unrated equivalents, it generally intends to keep its average credit quality in the investment-grade range (i.e., AAA to BBB). Bonds that are rated at or below BB by S&P or Ba by Moody’s are considered junk bonds. There is no limit on the average maturity of the fund’s portfolio. The fund’s investment policies are based on credit ratings at the time of purchase. Under normal circumstances, the fund may invest up to 15% of total assets in asset-backed securities rated lower than A by S&P or Moody’s, or their unrated equivalents (but under no circumstances lower than B or their unrated equivalents). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In managing the fund, the manager allocates assets among the four major types of instruments noted above based on analysis of global economic factors such as fiscal and monetary policies, projected international interest-rate movements, political environments, and currency trends. In abnormal circumstances, the manager may invest up to 100% of the fund’s assets in any one sector. The manager looks for investments that are appropriate for the fund in terms of yield, credit quality, structure, and industry distribution. Relative yields and risk/reward ratios are the primary considerations in selecting securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may use certain higher-risk investments, including derivatives such as futures, options, and swaps (including credit default swaps), as well as restricted or illiquid securities. The fund may also invest significantly in currency spots and forwards, currency futures and options, and interest-rate options for both hedging and nonhedging purposes, including for purposes of enhancing returns. In addition, the fund may invest up to 10% of its net assets in domestic or foreign common stocks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may trade securities actively and its investment process may, at times, result in a higher-than-average portfolio turnover ratio.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Defaulted debt risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Investing in defaulted debt securities is speculative and involves substantial risks in addition to those of non-defaulted high-yield securities. Defaulted debt securities generally do not generate interest payments. Principal on defaulted debt might not be repaid, and a fund could lose up to its entire investment.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Bond Connect Program (Bond Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China bonds through Bond Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Bonds listed on Bond Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Bond Connect may affect bond prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, options and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. Treasury obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund’s investments in obligations issued by the U.S. Treasury to decline.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained at our website, </span><span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span><span style="font-family:Arial Narrow;font-size:9pt;">, or by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> After-tax returns for other share classes would vary. The returns for Class A shares have been </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">adjusted to reflect the reduction in the maximum sales charge from 4.50% to 4.00%, effective February 3, 2014.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">jhinvestments.com</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-225-5291 (Class A and </span><span style="font-family:Arial Narrow;font-size:9pt;">Class C), Monday to Thursday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, and Friday, 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">—6:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, or 888-972-8696 (Class I, Class R2, and Class R6) between 8:30</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 5:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> reflect the highest individual federal marginal income-tax rate in effect as of the date </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns (shown for Class A shares only)</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IRA, 401(k), or other tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class A </span><span style="font-family:Arial Narrow;font-size:9pt;">(</span><span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span><span style="font-family:Arial Narrow;font-size:9pt;">)</span>
<span style="font-family:Arial Narrow;font-size:9pt;">sales charges are not reflected in the bar chart and returns would have been lower if they were</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">4.65%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">7.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.08%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0465
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0716
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.0708
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0302
0.0215
0.0196
0.0174
0.0102
0.0071
0.0176
0.0118
0.0097
0.0555
0.0226
0.0167
0.0762
0.0329
0.0268
0.0720
0.0289
0.0230
0.0773
0.0340
0.0280
0.0553
0.0110
0.0181
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Blue Chip Growth Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Current income is a secondary objective.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0073
0.0004
0.0077
-0.0001
0.0076
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
78
245
427
953
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">12</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.12
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The manager defines blue chip growth companies as those well established in their industries and with the potential for above-average earnings growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">In identifying blue chip companies in which to invest, the manager generally considers whether they have viable or growing leading market positions, seasoned management teams, and strong financial fundamentals. This investment approach reflects the manager’s belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings or operating cash flow) and a positive industry outlook will result in a higher stock price. The manager also seeks to invest in some companies with good prospects for dividend growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">While most of the assets of the fund are typically invested in U.S. common stocks, the fund may also invest in other types of securities, including (i) U.S. dollar- and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 20% of net assets), (ii) convertible and preferred stocks, warrants, and bonds, and (iii) futures and options. Combined investments in convertible securities, preferred stocks, and debt securities are limited to 25% of total assets. The fund may invest in debt securities of any type without regard to quality or rating, including those rated below investment-grade (junk bonds) (up to 5% of total assets). The fund’s investment policies are based on credit ratings at the time of purchase. The fund’s debt securities may include privately negotiated notes or loans, including loan participations and assignments (bank loans). Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the information technology sector, and the fund may at times invest significantly in stocks of technology companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic </span><span style="font-family:Arial Narrow;font-size:9pt;">developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Media and communications sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand, and changes in regulation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Technology companies can be significantly affected by rapid obsolescence, short product cycles, competition, and government regulation, among other factors. Investments in the technology sector may be susceptible to heightened risk of cybersecurity breaches, which may allow an unauthorized party to gain access to personally identifiable information and other customer data.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">28.43%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">27.74%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-24.88%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2843
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2774
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2488
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.4953
0.1357
0.1237
0.4842
0.1199
0.1025
0.3011
0.1080
0.0964
0.2629
0.1569
0.1203
0.4268
0.1950
0.1486
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Capital Appreciation Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0071
0.0004
0.0075
-0.0001
0.0074
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
76
239
416
929
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">34</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.34
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 65% of its total assets in equity and equity-related securities of companies, at the time of investment, that exceed $1 billion in market capitalization and that the manager believes have above average growth prospects. These companies are generally mid-to large-capitalization companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager follows a highly disciplined investment selection and management process that seeks to identify companies that show superior absolute and relative earnings growth and also are attractively valued. The manager looks for companies that experience some or all of the following: (i) above-average revenue and earnings per share growth, (ii) strong market position, (iii) improving profitability and distinctive attributes such as unique marketing ability, (iv) strong research and development and productive new product flow, and (v) financial strength. Such companies generally trade at high prices relative to their current earnings. Earnings predictability and confidence in earnings forecasts are important parts of the selection process. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities in which the fund invests have historically been more volatile than the S&P 500 Index. Also, companies that have an earnings growth rate higher than that of the average S&P 500 company tend to reinvest their earnings rather than distribute them. Therefore, the fund is not likely to receive significant dividend income on its securities. Seeking to invest in companies with above market-average growth, the fund may invest significantly in sectors associated with such growth, including consumer discretionary and information technology. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In addition to common stocks, nonconvertible preferred stock and convertible securities, equity-related securities in which the fund invests include: (i) American Depositary Receipts (ADRs); (ii) warrants and rights; (iii) investments in various types of business ventures, including partnerships and joint ventures; (iv) real estate investment trusts (REITs); and (v) initial public offerings (IPOs) and similar securities. (Convertible securities are securities —like bonds, corporate notes and preferred stocks—that the fund can convert into the company’s common stock, cash value of common stock, or some other equity security.) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In addition to the principal strategies discussed above, the fund may also use the following investment strategies to attempt to increase the fund’s return or protect its assets if market conditions warrant: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may make short sales of a security including short sales “against the box.” </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 20% of its total assets in foreign equity securities. (For purposes of this 20% limit, ADRs and other similar receipts or shares traded in U.S. markets are not considered to be foreign securities.) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the U.S. government. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in mortgage-related securities issued or guaranteed by U.S. governmental entities, including collateralized mortgage obligations, multi-class pass-through securities and stripped mortgage-backed securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed-income securities rated investment grade. These include corporate debt and other debt obligations of U.S. and foreign issuers. The fund may invest in obligations that are not rated, but that the manager believes are of comparable quality to these obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in repurchase agreements. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers selling or reducing a stock position when, in the opinion of the manager, the stock has experienced a fundamental disappointment in earnings, it has reached an intermediate price objective and its outlook no longer seems sufficiently promising, a relatively more attractive stock emerges or the stock has experienced adverse price movement. The fund may focus its investments in a particular sector or sectors of the economy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Consumer discretionary sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">22.85%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">35.47%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-25.34%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2285
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.3547
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2534
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.5315
0.1816
0.1416
0.5120
0.1409
0.1025
0.3286
0.1428
0.1064
0.2653
0.1552
0.1180
0.4268
0.1950
0.1486
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Capital Appreciation Value Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0083
0.0005
0.0088
-0.0001
0.0087
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
89
280
487
1083
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">74</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.74
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests primarily in common stocks of established U.S. companies that have above-average potential for capital growth. Common stocks typically constitute at least 50% of the fund’s total assets. The remaining assets are generally invested in other securities, including convertible securities, corporate and government debt, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), foreign securities, futures and options. The fund may invest up to 20% of its total assets in foreign securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s common stocks generally fall into one of two categories: the larger category comprises long-term core holdings whose prices when purchased by the fund are considered low in terms of company assets, earnings, or other factors; the smaller category comprises opportunistic investments whose prices the manager expects to rise in the short term but not necessarily over the long term. There are no limits on the market capitalization of the issuers of the stocks in which the fund invests. Since the manager attempts to prevent losses as well as achieve gains, the manager typically uses a value approach in selecting investments. The manager’s in-house research team seeks to identify companies that seem undervalued by various measures, such as price/book value, and may be temporarily out of favor but are believed to have good prospects for capital appreciation. The manager may establish relatively large positions in companies it finds particularly attractive. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In addition, the manager searches for attractive risk/reward values among all types of securities. The portion of the fund invested in a particular type of security, such as common stocks, results largely from case-by-case investment decisions, and the size of the fund’s cash reserve may reflect the manager’s ability to find companies that meet valuation criteria rather than its market outlook. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Bonds, bank loans and convertible securities may be purchased to gain additional exposure to a company or for their income or other features; maturity and quality are not necessarily major considerations in determining whether to purchase a particular security. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund’s investments in below-investment grade debt securities and loans are limited to 30% of total assets. If a security is split rated (i.e., rated investment grade by at least one rating agency and noninvestment grade by another rating agency), the higher rating will be used for purposes of this requirement. The fund may also purchase other securities, including bank debt, loan participations and assignments and futures and options. The fund’s investments in options, if any, will be primarily in an effort to protect against downside risk or to generate additional income. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) as well as U.S. dollar and foreign currency-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments to protect against downside risk or as a substitute for investing directly in certain securities. Hybrid instruments are a type of high-risk derivative such as covered calls, over-the-counter options and credit default swaps, which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates. In addition, the fund may invest up to 10% of its total assets in mortgage- and asset-backed securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, options, and credit default swaps. Futures contracts, options, and credit default swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Value investment style risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The 60% S&P 500 Index/40% Bloomberg U.S. Aggregate Bond Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">12.87%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">13.73%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-12.31%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1287
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1373
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1231
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1858
0.1263
0.1036
0.1700
0.0873
0.0680
0.1132
0.0917
0.0725
0.2629
0.1569
0.1203
0.1767
0.0998
0.0809
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Core Bond Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek total return consisting of income and capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0058
0.0004
0.0062
-0.0001
0.0061
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
62
198
345
773
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">237</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
2.37
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed and other asset-backed securities and money market instruments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in debt securities that the manager believes offer attractive yields and are undervalued relative to issues of similar credit quality and interest rate sensitivity. The fund may also invest in unrated bonds that the manager believes are comparable to investment-grade debt securities. The fund may invest to a significant extent in mortgage-backed securities, including collateralized mortgage obligations. </span><span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the manager expects to maintain an effective duration within 10% (in either direction) of the duration of the Bloomberg U.S. Aggregate Bond Index (the duration of this index as of October 31, 2024 was 6.14 years). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Up to 25% of total assets in asset-backed securities, other than mortgage-backed securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Up to 20% of total assets in U.S. dollar-denominated obligations of foreign issuers; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Up to 10% of total assets in stripped mortgage-backed securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">As part of a mortgage-backed securities investment strategy, the fund may enter into dollar rolls. The fund may also enter into reverse repurchase agreements to enhance return. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include reverse repurchase agreements. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value per share (NAV).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">4.64%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2023</span><span style="font-family:Arial Narrow;font-size:8pt;">6.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-6.13%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0464
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2023-12-31
0.0667
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-03-31
-0.0613
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0583
0.0102
0.0165
0.0423
-0.0039
0.0044
0.0342
0.0023
0.0077
0.0553
0.0110
0.0181
<span style="font-family:Arial Narrow;font-size:24pt;">John Hancock Disciplined Value Emerging Markets Equity Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0076
0.0041
0.0117
-0.0028
0.0089
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
91
344
617
1395
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">194</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
1.94
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund will pursue its objective through a value oriented, research-driven strategy of investing in equity securities and financial instruments with equity like characteristics designed to provide exposure to emerging markets. Securities are selected by the adviser using its “three circles” approach which combines a quantitative screening with a fundamental bottom-up selection process. This investment strategy is grounded in the following principles: (1) low valuation stocks outperform high valuation stocks; (2) companies with strong fundamentals outperform companies with weak fundamentals; and (3) stocks with positive business momentum outperform stocks with negative business momentum. The adviser examines various factors in determining the value characteristics of issuers, including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals, such as return-on-equity and earnings growth and cash flow. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund intends, under normal circumstances, to invest at least 80% of its net assets (including borrowings for investment purposes) in the equity securities of emerging market issuers,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">related derivative instruments and other equity investments that are tied economically to emerging market countries.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The adviser considers an emerging market</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">country to include any country that is: 1) generally recognized to be</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">an emerging market country by the international financial community, including the World Bank; 2) classified by the United Nations as a developing country; or 3) included in the MSCI Emerging Markets Index. Due to the unique relationship between China and its separately administered regions, the Adviser includes</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Hong Kong and</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Macau as emerging markets. </span><span style="font-family:Arial Narrow;font-size:9pt;">In managing the fund’s portfolio, the adviser will seek to identify mispriced publicly traded equity securities of emerging market companies and purchase securities that the adviser believes will outperform, emphasizing low valuation, positive business momentum and high quality. The fund generally invests in the equity securities of issuers the manager believes are undervalued. The manager applies a bottom-up stock selection process using a combination of fundamental and quantitative analysis. </span><span style="font-family:Arial Narrow;font-size:9pt;">The equity securities in which the fund will invest, which may include equity securities of non-U.S. issuers that are traded in the markets of the United States, include equity securities issued by large-, mid- and small- or micro-cap companies, as well as exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies (including exchanged-traded funds (ETFs)), real estate investment trusts (REITs) and equity participations. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 20% of its net assets in high yield debt obligations</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(commonly known as junk bonds), such as bonds and debentures, used by corporations and other business organizations (e.g.,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">trusts or limited liability companies).</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Such high yield debt obligations are not considered to be investment grade.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Junk bonds are rated BB or lower by S&P Global, or have a comparable rating by another nationally recognized statistical rating organization (or, if unrated are determined by the adviser to be of comparable quality at the time of investment). The fund may invest in securities of the lowest rating category, including securities in default. The fund will primarily invest in fixed income instruments,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">including high yield debt obligations, when the fund believes that such instruments offer a better risk/reward profile than comparable equity opportunities. </span><span style="font-family:Arial Narrow;font-size:9pt;">In general, the fund’s investments will be spread over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry, except that the fund may invest in exchange traded funds to the extent permitted by the Investment Company Act of 1940, as amended (1940 Act), and applicable SEC orders. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may participate as a purchaser in initial public offerings</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">of securities</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(IPOs). An IPO is</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">a company’s first offering of stock to the public. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may invest</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">up to 15%</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">of its net assets in illiquid investments, including</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">investments that</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">are illiquid</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">by virtue</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">of the absence of a readily available market or legal or contractual restrictions on resale. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund may also seek to increase its income by lending portfolio securities.</span><span style="font-family:Arial Narrow;font-size:9pt;">The fund will</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">invest in derivatives, including put and</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">call options, futures, contracts for differences, forward contracts</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and swaps,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">in lieu of investing directly in a security, currency or instrument,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">for hedging and</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">non-hedging purposes.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund’s investments in derivative instruments</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">may be leveraged and result in losses exceeding the amounts invested.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">(ETFs) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">risks of owning</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the underlying</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">securities the</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">ETF</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Frontier-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Frontier-market countries generally have smaller economies and less-developed capital markets and political systems than traditional emerging-market countries, which magnifies emerging-market risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Greater China risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Investments in the Greater China region may be subject to less developed trading markets, acute political risks such as possible negative repercussions resulting from China’s relationship with Taiwan or Hong Kong, and restrictions on monetary repatriation or other adverse government actions. For example, a government may restrict investment in companies or industries considered important to national interests, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. A small number of companies and industries may generally represent a relatively large portion of the Greater China market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Master limited partnership (MLP) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Value investment style risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Value securities, as a category, may underperform other segments of the market or the market as a whole and following a value-oriented investment strategy may cause the fund, at times, to underperform equity funds that employ a different investment style.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="font-family:Arial Narrow;font-size:9pt;">Prior to May 29, 2024, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to May 29, 2024.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">3.66%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.89%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-27.85%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0366
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.2089
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2785
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1358
0.0478
0.0303
0.1217
0.0375
0.0215
0.0802
0.0326
0.0195
0.0983
0.0369
0.0266
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Emerging Markets Debt Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek total return with an emphasis on current income as well as capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0070
0.0008
0.0078
-0.0001
0.0077
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
79
248
432
965
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets in fixed-income securities and debt instruments of emerging-market issuers. The manager may consider, but is not limited to, the classifications by the World Bank, the International Finance Corporation, or the United Nations and its agencies in determining whether a country is an emerging or a developed country. Examples of emerging-market countries include most African, Central Asian, Eastern European, and South and Central American nations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager uses proprietary research to identify specific countries, corporate sectors, and issuers that are attractively priced. The manager’s investment decisions are not constrained by market capitalization, company fundamentals, security valuation or seasoning, or similar characteristics. The manager uses economic and industry analysis to try to anticipate shifts in the business cycle. Due to potentially volatile conditions in emerging markets, the fund’s portfolio turnover ratio may be higher-than-average, which could increase transaction costs. The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in debt securities of any maturity denominated in any currency, including but not limited to: debt issued by governments or government agencies, including the U.S. Treasury; U.S. and foreign corporate-debt instruments; mortgage- and asset-backed securities and collateralized mortgage obligations; and variable and floating-rate senior and subordinated corporate-debt obligations. The fund may invest in countries that do not have sovereign bond ratings or whose bonds are rated below-investment-grade (junk bonds). The fund may invest in corporate or other privately issued debt instruments of issuers with market capitalizations below $1 billion. The fund may engage in derivatives transactions, including forwards, options, swaps and futures, to reduce risk, manage volatility and/or obtain efficient market exposure. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is non-diversified and may both invest in a smaller number of issuers and invest more of its assets in the securities of a single issuer than a diversified fund.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Bond Connect Program (Bond Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China bonds through Bond Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Bonds listed on Bond Connect may </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Bond Connect may affect bond prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts and swaps, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. Treasury obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund’s investments in obligations issued by the U.S. Treasury to decline.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">market index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">market index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">13.40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.12%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0932
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1340
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1612
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1193
0.0249
0.0329
0.0922
0.0034
0.0100
0.0694
0.0099
0.0150
0.1109
0.0167
0.0322
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Equity Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide substantial dividend income and also long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0068
0.0005
0.0073
-0.0001
0.0072
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
74
232
405
906
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, with at least 65% in common stocks of well-established companies paying above-average dividends. The fund employs a “value” approach and invests in stocks and other securities that appear to be undervalued by various measures but have good prospects for capital appreciation and dividend growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, substantial dividend income means that the yield on the fund’s portfolio securities generally exceeds the yield on the fund’s benchmark. The manager believes that income can contribute significantly to total return over time and expects the fund’s yield to exceed that of the Russell 1000 Value Index. While the price of a company’s stock can go up or down, stocks paying a high level of dividend income tend to be less volatile than those paying a lower level and may help offset losses in falling markets. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund will generally consider companies with established operating histories, above-average dividend yield or low price/earnings ratios relative to the Russell 1000 Value Index, positive financial characteristics, and/or low stock price relative to a company’s underlying value. The fund may also purchase other types of securities in keeping with its objective, including: (i) U.S. dollar-and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 25% of total assets); (ii) preferred stocks; (iii) convertible stocks, bonds, and warrants; (iv) futures and options; and (v) bank debt, loan participations, and assignments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed-income securities without regard to quality or rating, including privately negotiated notes or loans (including loan participations and assignments (bank loans)) and up to 10% in below-investment-grade fixed-income securities (junk bonds). Some loans may be illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the same economic sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Financial services sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic </span><span style="font-family:Arial Narrow;font-size:9pt;">developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Value Index shows how the fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.21%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.91%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-28.52%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1521
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.2091
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2852
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0951
0.1116
0.0784
0.0705
0.0869
0.0533
0.0655
0.0820
0.0544
0.2653
0.1552
0.1180
0.1146
0.1091
0.0840
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Floating Rate Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a high level of current income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0068
0.0011
0.0002
0.0081
-0.0012
0.0069
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
70
247
438
991
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">51</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.51
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating-rate loans, which often include debt securities of domestic and foreign issuers that are rated below investment grade (rated below Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. or BBB by S&P Global Ratings), at the time of purchase, or are of comparable quality, as determined by the manager, and other floating-rate securities. Bonds that are rated at or below BB by S&P Global Ratings or Ba by Moody’s Investors Service, Inc. are considered junk bonds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in domestic and foreign loans and loan participations that pay interest at rates that float or reset periodically at a margin above a generally recognized base lending rate such as the Prime Rate, the Secured Overnight Financing Rate (SOFR), or another generally recognized base lending rate. Loans and debt instruments rated below investment grade are considered speculative. The fund may invest in loans of companies whose financial conditions are troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations, or financial restructurings. Some loans may be illiquid. The fund may also acquire and hold warrants and other equity interests. The fund may invest in loans, loan participations, and other securities of any maturity and duration. The fund may also invest in loans of any aggregate principal amount, which will vary from time to time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">For purposes of reducing risk and/or improving liquidity, the fund may invest in derivative instruments such as options (including options on securities indexes) and swaps (including credit default swaps). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in any number of issuers and may, at times, invest its assets in a small number of issuers. The fund may focus its investments in a particular sector or sectors of the economy. The fund’s investment process may result in a higher-than-average portfolio turnover ratio.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Distressed investments risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Distressed investments, including loans, mortgages, bonds, and notes, may not be publicly traded and may involve substantial risk. A fund may lose up to its entire investment.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, options, and swaps. Options and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small number of issuers risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for funds which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar LSTA US Leveraged Loan Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to August 30, 2018, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to August 30, 2018.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">6.68%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">9.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-13.67%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0668
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0994
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1367
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1368
0.0523
0.0353
0.0961
0.0268
0.0118
0.0798
0.0289
0.0161
0.0553
0.0110
0.0181
0.1313
0.0580
0.0442
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Fundamental Global Franchise Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks to provide capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0080
0.0013
0.0093
-0.0001
0.0092
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
94
295
514
1142
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities of franchise companies. A franchise company is one whose return on invested capital over a three-year period is above its cost of capital. Return on invested capital quantifies how well a company generates cash flow relative to the capital it has invested in its business, while its cost of capital refers to the cost of raising money to fund its business. These companies typically will have a leading share of industry sales, the ability to generate consistent </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">sales growth over time as their products and services attract a larger customer base, and a strong record of return on capital invested in the company with a sustainable competitive advantage, meaning bargaining power with buyers and/or sellers and a unique product or process that is difficult to replicate or substitute and hard for others to compete with. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, at least 40% of the value of the fund’s net assets will be invested in issuers domiciled outside of the United States (“Foreign Companies”), unless the manager deems market conditions and/or company valuations to be less favorable to Foreign Companies, in which case, the fund will invest at least 30% of the value of its net assets in Foreign Companies. Foreign Companies include securities for which the relevant reference entity is domiciled outside the United States, such as American Depositary Receipts (ADRs) that trade on U.S. exchanges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s primary method of analysis is fundamental analysis, which is the ability to assess the health of a company, its competitive positioning, its strength of management, and its competitive advantages. Investment decisions are a function of finding stocks that possess the qualitative factors as outlined above and the manager believes are trading at a significant discount to the manager’s estimation of value. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest significantly in securities of companies in certain sectors, such as the consumer staples and consumer discretionary sectors (as defined by the Global Industry Classification Standards (GICS)), and may therefore experience greater volatility than funds investing in a broader range of sectors and may be more susceptible to the impact of market, economic, regulatory, and other factors affecting that sector. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager focuses on the equity securities of small-, mid-, and large-capitalization companies in both developed and emerging countries. The manager primarily invests in common stocks of developed and emerging companies, as well as ADRs, which trade on U.S. exchanges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Consumer discretionary sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Consumer staples sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, product cycles, marketing, competition, and government regulations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.96%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.66%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.17%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1496
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1866
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2017
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.2567
0.1103
0.0835
0.2356
0.0882
0.0578
0.1648
0.0836
0.0603
0.2379
0.1280
0.0860
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Global Equity Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0080
0.0009
0.0089
-0.0001
0.0088
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
90
283
492
1095
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">36</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.36
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks to generate capital appreciation by investing at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of equity securities. Under normal market conditions, at least 40% of the value of the fund’s net assets will be invested in securities of issuers domiciled outside of the United States (“Foreign Companies”), unless the manager deems market conditions and/or company valuations to be less favorable to Foreign Companies, in which case, the fund will invest at least 30% of the value of its net assets in Foreign Companies. Foreign Companies </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">include issuers domiciled in emerging markets and securities of foreign issuers that trade on U.S. exchanges. Equity securities include common and preferred stocks and their equivalents, including depositary receipts, warrants, rights, and convertible securities. The fund may invest in securities of any market-capitalization. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager employs an unconstrained, bottom-up stock selection process based on fundamental research to attempt to identify undervalued companies that exhibit attractive valuations, solid business franchises, sustainable margins/cash flow, disciplined capital allocation, strong management teams, and strong balance sheets. The manager considers diversification benefits and liquidity of the security in making investment decisions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Emerging-market risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.89%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">17.27%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.50%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1489
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1727
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2250
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1979
0.1184
0.0743
0.1866
0.0961
0.0536
0.1203
0.0882
0.0519
0.2379
0.1280
0.0860
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Health Sciences Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0077
0.0009
0.0086
-0.0001
0.0085
<span style="font-family:Arial Narrow;font-size:8pt;">“Management fee” has been restated to reflect the contractual management fee schedule effective October 1, 2024.</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
87
273
476
1060
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">49</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.49
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of companies engaged, at the time of investment, in the research, development, production, or distribution of products or services related to health care, medicine, or the life sciences (collectively termed “health sciences”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">While the fund may invest in companies of any size, the majority of its assets are expected to be invested in large- and mid-capitalization companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s portfolio managers divide the health sciences sector into four main areas: pharmaceutical companies, health care services companies, medical products and devices providers, and biotechnology firms. Their allocation among these four areas will vary depending on the relative potential within each area and the outlook for the overall health sciences sector. While most assets will be invested in U.S. common stocks, the fund may purchase other securities, including foreign securities, futures, and options in keeping with its investment objective. In addition, the fund writes call and put options primarily as a means of generating additional income. The fund reserves the right to use options to seek protection against a decline in the value of its securities or an increase in prices of securities that may be purchased. Normally, the fund will own the securities on which it writes these options. The premium income received by writing covered calls can help reduce but not eliminate portfolio volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund concentrates its investments (invests more than 25% of its total assets) in securities of companies in the health sciences sector, a comparatively narrow segment of the economy, and therefore may experience greater volatility than funds investing in a broader range of industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In managing the fund, the manager uses a fundamental, bottom-up analysis that seeks to identify high quality companies and the most compelling investment opportunities. In general, the fund will follow a growth investment strategy, seeking companies whose earnings are expected to grow faster than inflation and the economy in general. When stock valuations seem unusually high, however, a “value” approach, which gives preference to seemingly undervalued companies, may also be emphasized. The fund generally seeks investments in companies that are developing new and effective medicines, as well as companies whose business models reduce costs or improve quality in health care systems. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 35% of its total assets in foreign securities (including emerging market securities) and may have exposure to foreign currencies through its investment in these securities, its direct holdings of foreign currencies or through its use of foreign currency exchange contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In pursuing its investment objective, the fund’s management has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the fund’s management believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, or a new product introduction or a favorable competitive development. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) as well as U.S. dollar and foreign currency-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may sell securities for a variety of reasons such as to secure gains, limit losses or redeploy assets into more promising opportunities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-style:italic;">Use of Hedging and Other Strategic Transactions</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fund is authorized to use all of the various investment strategies referred to under “Additional Information About the Funds’ Principal Risks— Hedging, derivatives and other strategic transactions risk” including entering into option transactions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Concentration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Healthcare sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts and options. Foreign currency forward contracts, futures contracts and options generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Lipper Health/Biotechnology Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.29%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">23.38%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2018</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.14%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1429
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2338
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2018-12-31
-0.1614
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0424
0.1052
0.1079
0.0254
0.0872
0.0579
0.0368
0.0833
0.0723
0.2629
0.1569
0.1203
0.0524
0.0908
0.0963
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock High Yield Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To realize an above-average total return over a market cycle of three to five years, consistent with reasonable risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0070
0.0011
0.0081
-0.0001
0.0080
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
82
258
449
1001
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">47</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.47
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in high yield securities. The fund’s investments may include corporate bonds, preferred stocks, U.S. government and foreign securities, mortgage-backed securities, loan assignments or participations and convertible securities which have the following ratings (or, if unrated, are considered by the manager to be of equivalent quality): </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;text-decoration:underline;">Corporate Bonds, Preferred Stocks and Convertible Securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Moody’s Investors Service, Inc...........................Ba through C </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">S&P Global Ratings..............................................BB through D </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Below-investment-grade securities are commonly referred to as “junk bonds.” The fund may also invest in investment-grade securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">As part of its investment strategy, the fund will generally invest without restrictions within these ratings category ranges, or in unrated securities considered to be of equivalent quality by the manager. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in foreign bonds and other fixed-income securities denominated in foreign currencies, where, in the opinion of the manager, the combination of current yield and currency value offer attractive expected returns. Foreign securities in which the fund may invest include emerging market securities. The fund may invest up to 100% of its assets in foreign securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options, swaps and forwards. In particular, the fund may use interest rate swaps, credit default swaps (on individual securities and/or baskets of securities), futures contracts and/or mortgage-backed securities to a significant extent, although the amounts invested in these instruments may change from time to time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed- and floating-rate loans, generally in the form of loan participations and assignments of such loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund normally maintains an average portfolio duration of between three and seven years. However, the fund may invest in individual securities of any duration. Duration is an approximate measure of the sensitivity of the market value of a security to changes in interest rates.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, futures contracts, options, forwards, swaps and interest-rate swaps. Futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Bloomberg U.S. High Yield 2% Issuer Capped Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV shares ceased operations on March 28, 2019. Returns shown after that date are those of Class 1 shares. Returns for Class NAV shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.85%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.73%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.41%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0885
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1173
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1541
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1285
0.0481
0.0345
0.0947
0.0220
0.0068
0.0750
0.0256
0.0135
0.0553
0.0110
0.0181
0.1344
0.0535
0.0459
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock International Small Company Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0080
0.0012
0.0092
-0.0001
0.0091
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
93
292
508
1130
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">9</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.09
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-cap companies in the particular markets in which the fund invests. Based on market capitalization data as of October 31, 2024, the maximum market capitalization range of companies eligible for purchase by the fund was approximately $1.2 billion to $9.4 billion, depending on the country. The fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">will primarily invest in a broad and diverse group of equity securities of foreign small companies in developed markets, but may also hold equity securities of companies located in emerging markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests its assets in securities listed on bona fide securities exchanges or traded on the over-the-counter markets. These exchanges or over-the-counter markets may be either within or outside the issuer’s domicile country. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager measures company size on a country- or region-specific basis and based primarily on market capitalization. In the countries or regions authorized for investment, the manager first ranks eligible companies based on market capitalizations and then determines the universe of eligible stocks by defining the maximum market capitalization of a small company that may be purchased by the fund with respect to each country or region. This threshold will vary based on market conditions. The fund intends to use a market-capitalization-weighted approach in seeking to set country weights based on the relative market capitalizations of eligible small companies within each country (see below). Weightings of certain countries may vary from their weightings in published international indices. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also use derivatives such as futures contracts and options on futures contracts to adjust market exposure based on actual or expected cash inflows to or outflows from the fund. Futures contracts and options on futures contracts may be for foreign or U.S. equity securities and indices. The fund may also enter into forward currency contracts to facilitate settlement of equity purchases of foreign securities, repatriation of foreign currency balances, or currency exchange. In addition to cash, money market instruments, and other short-term investments, the fund may invest in affiliated and unaffiliated registered and unregistered money market funds to manage cash pending investment, to maintain liquidity to pay redemptions, to make other anticipated cash payments, or for other purposes. Investments in money market funds may involve a duplication of certain fees and expenses. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund does not seek current income as an investment objective and investments will not be based on an issuer’s dividend payment policy or record, although many of the companies in which the fund invests do pay dividends. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager will determine in its discretion when and whether to invest in countries that have been authorized by its Investment Committee, depending on a number of factors, including, but not limited to, asset growth in the fund, constraints imposed within markets authorized for investment, and other characteristics of each country’s markets. Other countries may be authorized for investment in the future. Although the manager does not intend to purchase securities not associated with markets authorized for investment, the fund may acquire such securities in connection with corporate actions or other reorganizations or transactions with respect to securities that are held by the fund from time to time. Also, the fund may continue to hold investments in countries that are not currently designated as markets authorized for investment, but had been authorized for investment in the past, and may reinvest distributions received in connection with such existing investments in such previously authorized markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Market-capitalization-weighted approach</span><span style="font-family:Arial Narrow;font-size:9pt;">The fund uses market capitalization weighting to determine individual security weights and, where applicable, country or region weights. Market-capitalization weighting means each security is generally purchased based on the issuer’s relative market capitalization. Market-capitalization weighting may be modified by the manager for a variety of reasons. The manager may adjust the representation in the fund of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, investment characteristics, and other factors that the manager determines to be appropriate. The manager may deviate from market-capitalization weighting to limit or fix the exposure of the fund to a particular country or issuer to a maximum proportion of fund assets. The manager may exclude the stock of a company that meets applicable market capitalization criteria if the manager determines, in its judgment, that the purchase of such stock is inappropriate in light of other conditions. These adjustments will result in a deviation from traditional market-capitalization weighting. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Country weights may be based on the total market capitalization of companies within each country and may take into consideration the free float of companies within a country or whether these companies are eligible to be purchased for the particular strategy. In addition, to maintain a satisfactory level of diversification, the Investment Committee may limit or fix the exposure to a particular country or region to a maximum proportion of the assets of that vehicle. Country weights may also vary due to general day-to-day trading patterns and price movements.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options on futures contracts, and options. Foreign currency forward contracts, futures contracts, and options generally are subject to counterparty risk. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Industrials sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Companies in the industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, geopolitical events, interest rates, insurance costs, technological developments, liabilities arising from governmental or civil actions, labor relations, input controls, and government spending.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The MSCI World ex USA Small Cap Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.61%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">21.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-30.21%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1161
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2132
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.3021
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1369
0.0744
0.0441
0.1239
0.0569
0.0296
0.0809
0.0530
0.0295
0.1794
0.0845
0.0432
0.1262
0.0705
0.0463
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the MSCI World ex-USA Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock International Strategic Equity Allocation Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0063
0.0008
0.0071
-0.0001
0.0070
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
72
226
394
882
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">35</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.35
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks to achieve its investment objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of any market capitalization, including futures on indexes of equity securities. The fund primarily invests in foreign securities. The fund’s allocation to various markets and types of securities will be actively managed. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in both developed and emerging markets. The fund’s investment in equity securities will vary both with respect to types of securities and markets in response to changing market and economic trends. The fund’s allocation of securities will depend on the manager’s outlook for the markets and generally reflect the manager’s strategic asset allocation analysis and their assessment of the relative attractiveness of a particular asset class, country or region. When determining whether to invest in a particular market, the manager considers various factors, including economic and political conditions, potential for economic growth and possible changes in currency exchange rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in equity securities of U.S. issuers. Investments in exchange-traded funds (ETFs) and derivative instruments may be used to reduce risk and/or obtain efficient investment exposure, and may include options, futures contracts, and swaps (including interest-rate swaps). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund also may invest in fixed-income securities, including, but not limited to: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. Treasury and agency securities as well as notes backed by the Federal Deposit Insurance Corporation; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. Treasury futures contracts; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed securities, including mortgage pass-through securities, commercial mortgage-backed securities (CMBS) and collateralized mortgage obligations (CMOs); </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. and foreign corporate bonds; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Foreign government and agency securities; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated fixed-income securities and high-yield securities (also known as “junk bonds”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The foreign securities in which the fund invests may be denominated in U.S. dollars or foreign currency. The fund may actively manage its exposure to foreign currencies through the use of foreign currency forward contracts and other currency derivatives. The fund may own foreign cash equivalents and foreign bank deposits as part of its investment strategy. The fund may invest in foreign currencies for hedging and speculative purposes. The fund may focus its investments in a particular sector or sectors of the economy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Use of Hedging and Other Strategic Transactions. The fund is authorized to use all of the various investment strategies referred to under “Principal risks of investing in the fund — Hedging, derivatives and other strategic transactions risk,” including, but not limited to, futures and options contracts, foreign currency forward contracts and swaps. The fund may engage in derivatives transactions for hedging and non-hedging purposes including, without limitation, the following purposes: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to attempt to protect against possible changes in the market value of securities held or to be purchased by the fund resulting from securities markets or currency exchange rate fluctuations; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to protect the fund’s unrealized gains in the value of its securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to facilitate the sale of the fund’s securities for investment purposes; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to manage the effective maturity or duration of the fund’s securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to establish a position in the derivatives markets as a method of gaining exposure to a particular security or market; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to increase or decrease exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Greater China risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Investments in the Greater China region may be subject to less developed trading markets, acute political risks such as possible negative repercussions resulting from China’s relationship with Taiwan or Hong Kong, and restrictions on monetary repatriation or other adverse government actions. For example, a government may restrict investment in companies or industries considered important to national interests, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. A small number of companies and industries may generally represent a relatively large portion of the Greater China market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options, foreign currency swaps, interest-rate swaps and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. Treasury obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund’s investments in obligations issued by the U.S. Treasury to decline.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">13.49%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">16.51%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.36%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1349
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1651
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2236
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2016-10-17
0.1371
0.0598
0.0504
0.1223
0.0474
0.0314
0.0810
0.0419
0.0327
0.1562
0.0708
0.0621
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Mid Value Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0087
0.0005
0.0005
0.0097
-0.0001
0.0096
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
98
308
535
1189
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">46</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.46
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies with market capitalizations that are within the S&P Mid Cap 400 Index ($1.6 billion to $26.8 billion as of October 31, 2024) or the Russell Midcap Value Index ($150 million to $65 billion as of October 31, 2024). The fund invests in a diversified mix of common stocks of mid-size U.S. companies that are believed to be undervalued by various measures and offer good prospects for capital appreciation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager employs a value approach in selecting investments. The manager’s in-house research team seeks to identify companies whose stock prices do not appear to reflect their underlying values. The manager generally looks for companies with one or more of the following characteristics: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Low stock prices relative to net assets, earnings, cash flow, sales, book value, or private market value; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Demonstrated or potentially attractive operating margins, profits and/or cash flow; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Sound balance sheets and other positive financial characteristics; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Stock ownership by management/employees; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Experienced and capable management. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s sector exposure is broadly diversified as a result of stock selection and therefore may vary significantly from its benchmark, the Russell Midcap Value Index. The market capitalization of companies held by the fund and included in the indices changes over time. The fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization grows or falls outside these ranges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager has the discretion to deviate from its normal investment criteria, as described above, and purchase securities that the manager believes will provide an opportunity for substantial appreciation. These situations might arise when the manager believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive development. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in initial public offerings (IPOs). While most assets will be invested in U.S. common stocks, the fund may purchase other types of securities, for example: convertible securities and warrants, foreign securities (up to 20% of total assets), certain exchange-traded funds (ETFs), and certain derivatives (investments whose value is based on indices or other securities). For purposes of the fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) as well as money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Except when engaged in temporary defensive investing, the fund normally has less than 10% of its assets in cash and cash equivalents. The fund may focus its investments in a particular sector or sectors of the economy.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Value investment style risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell Midcap Value Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">22.30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-28.70%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1672
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2230
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2870
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1863
0.1307
0.0929
0.1576
0.1052
0.0664
0.1259
0.0983
0.0662
0.2596
0.1516
0.1148
0.1271
0.1116
0.0826
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multi-Asset High Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Seeks to provide a high level of current income with consideration for capital appreciation and preservation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0042
0.0022
0.0006
0.0070
-0.0012
0.0058
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
59
212
378
859
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not </span><span style="font-family:Arial Narrow;font-size:9pt;">reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">46</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.46
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund has significant flexibility to achieve its investment objective and invests in a broad range of income-producing securities. The fund invests in debt and equity securities, as well as derivative instruments, in the U.S. and developed and emerging markets throughout the world. There is no limit on the number of countries in which the fund may invest, and the fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the manager attempts to capture these opportunities and has wide latitude to allocate the fund’s assets among strategies and asset classes. The manager buys and sells securities and investments for the fund based on the manager’s views of strategies, sectors, and overall portfolio construction taking into account income generation, risk/return analyses, and relative value considerations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market circumstances the fund invests in a broad range of income-producing securities across asset classes as market conditions warrant, but the fund may invest up to 100% of its assets in fixed-income securities and may invest up to 70% of its assets in equity securities from time to time to adjust to prevailing market conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in individual fixed-income securities to the fullest extent permissible. The fund may invest in a portfolio of fixed income securities such as corporate bonds and notes, mortgage-backed securities, asset-backed securities, convertible securities, preferred securities and government obligations. The fund may also invest significantly in below-investment-grade bonds (also known as junk bonds) (e.g., high yield bonds or arbitrage and distressed securities), below-investment-grade bank loans, foreign currency denominated bonds and bonds of emerging market issuers. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund’s investment in foreign currency-denominated bonds may be on a currency hedged or unhedged basis. Below-investment-grade bonds acquired by the fund directly or through investing in exchange-traded funds (ETFs) and other underlying funds will generally be in the lower categories of the major rating agencies (BB or lower by S&P Global Ratings (S&P) or Ba or lower by Moody’s Investors Service, Inc. (Moody’s)) or, if unrated, will be determined by the management team to be of similar quality. Split-rated bonds will be considered to have the higher credit rating. The fund’s investment policies are based on credit ratings at the time of purchase. The average portfolio duration of the fund will vary based on the management team’s forecast of interest rates and there are no limits regarding portfolio duration or average maturity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in common stock, preferred stock, securities convertible into common and preferred stock, and non-convertible preferred stock. The fund generally intends to invest in dividend paying stocks. From time to time, the fund may invest in shares of companies through initial public offerings (IPOs). The fund may invest in securities of both U.S. or foreign issuers without limit, which can be U.S. dollar-based or foreign currency-based and may be currency hedged or unhedged. The fund may invest in securities of companies of any market capitalization. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund also may invest extensively in derivative instruments such as futures, options, and swaps, which are generally financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to equity securities, fixed-income securities, interest rates, total return rates, currencies or currency exchange rates, and related hedging purposes. Derivatives may be used to hedge against losses from movements in stock, currency exchange rates or interest rates. Derivatives may be used for non-hedging purposes in order to invest indirectly in securities or financial markets, for duration management which allows the fund to efficiently adjust the average maturity of the fixed-income securities it holds, to gain exposure to foreign currencies, for efficient portfolio management, or to generate additional income for the fund. The fund may also invest in structured notes that provide exposure to derivative instruments. The fund also may invest in restricted or illiquid securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund writes options on a portion of the value of the fund’s portfolio, although this amount is expected to vary over time based upon U.S. and non-U.S. market conditions and other factors. The fund’s use of written call options involves a tradeoff between the options premiums received and the reduced participation in potential future security price appreciation of its portfolio. As the seller of call options, the fund receives cash (the premium) from purchasers of the options. The purchaser of a call option has the right to receive from the option seller any appreciation in value over a fixed price (the exercise price) as of a specified date in the future (the option expiration date). In effect, the fund sells the potential appreciation in value, or exercise price, during the term of the option in exchange for the premium. The manager also may cause the fund to sell put options if the manager considers the pricing of those options highly favorable and sale of such an option might beneficially alter the risk profile of the fund’s option exposure. The transaction costs of buying and selling options consist primarily of the bid-ask spread and commissions (which are imposed in opening, closing, exercise and assignment transactions), and may include margin and interest costs in connection with both exchange-traded and over-the-counter transactions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in other investment companies, including ETFs and closed-end funds. In addition, in seeking to achieve its investment objective, the fund may invest directly in, or indirectly through exchange-traded notes (ETNs) and investment companies, including ETFs, that focus their investment strategies on alternative or non-traditional asset categories such as commodities, market neutral (long/short) strategies, global real estate, natural resources, TIPS (Treasury Inflation-Protected Securities), foreign currency trading strategies, managed futures, arbitrage strategies, and tactical, shorter-term investment strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may trade securities actively, which could result in a higher-than-average portfolio turnover rate. The fund may focus its investments in a particular sector or sectors of the economy.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Arbitrage strategies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Arbitrage strategies involve engaging in transactions that attempt to exploit the price differences of identical, related, or similar securities within a market or different markets or in different forms. The fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Distressed investments risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Distressed investments, including loans, mortgages, bonds, and notes, may not be publicly traded and may involve substantial risk. A fund may lose up to its entire investment.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Bond Connect Program (Bond Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China bonds through Bond Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Bonds listed on Bond Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Bond Connect may affect bond prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Natural resources industry risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The natural resources industry can be significantly affected by international political and economic developments, energy conservation and exploration efforts, natural disasters or other extreme weather conditions, commodity prices, and taxes and other governmental regulations, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The MSCI World Index,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the 20% MSCI USA High Dividend Yield Index/10% MSCI World ex USA High Dividend Yield Index/25% Bloomberg US Aggregate Credit-Corporate Investment Grade Index/45% Bloomberg Global High Yield (USD Hedged) Index, and the 70% Bloomberg U.S. Aggregate Bond Index/30% MSCI World Index show how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class C and Class NAV shares commenced operations on November 14, 2014 and June 4, 2020, respectively. Returns shown prior to Class NAV shares’ commencement date are those of Class C shares, except that they do not include sales charges and would be lower if they did. Returns for Class NAV shares would have been substantially similar to returns of Class C shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class C shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.62%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">8.21%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-13.59%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1162
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0821
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1359
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2014-11-14
0.0822
0.0465
0.0291
0.0574
0.0246
0.0121
0.0479
0.0270
0.0155
0.0553
0.0110
0.0143
0.2379
0.1280
0.0886
0.1132
0.0538
0.0470
0.1082
0.0477
0.0383
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock New Opportunities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0073
0.0012
0.0085
-0.0001
0.0084
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
86
270
470
1048
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">15</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.15
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal circumstances, the fund invests at least 80% of its assets in equity securities of small-capitalization U.S. companies. The fund primarily invests in common stock and preferred stock of U.S. small-capitalization companies. Small-capitalization companies are those with a market capitalization at the time of purchase of less than $5 billion or otherwise within the range of capitalizations of companies in the Russell 2000 Index, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">S&P SmallCap 600 Index, or the Dow Jones U.S. Small-Cap Total Stock Market Index. Capitalization ranges will change over time. The fund may invest in any economic sector, and at times may emphasize one or more particular sectors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund also may invest in: (a) securities of foreign issuers, including foreign issuers located in emerging markets, either directly through investments in foreign currency-denominated securities traded outside of the U.S. or indirectly through depositary receipts; (b) real estate investment trusts (REITs); (c) initial public offerings (IPOs); and (d) master limited partnerships (MLPs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager utilizes fundamental research and bottom-up stock selection to identify undervalued small cap companies with sustainable earnings growth, and whose management is focused on enhancing value for shareholders. The manager seeks to hold securities for the long term. The manager focuses on quality small-cap companies with sound management and long-term sustainable growth, regardless of style. In selecting companies, the manager looks for firms with the following key attributes: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Experienced, tenured, high-quality management </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Business models that deliver consistent long-term growth </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Leading companies in attractive and defensible niche markets </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Strong financial characteristics; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Appropriate valuation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Various factors may lead the manager to consider selling a particular security, such as a significant change in the relevant company’s senior management or its products, deterioration in its fundamental characteristics, if the company has corporate governance issues, or if the manager believes that the security has become overvalued.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Healthcare sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Master limited partnership (MLP) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 2000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to September 27, 2014, the fund was managed by subadvisors other than the fund’s current subadvisor, GW&K Investment Management, LLC (GW&K) pursuant to a different investment strategy. From September 27, 2014 to September 6, 2019, the fund was managed by Brandywine Global Investment Management, LLC, Dimensional Fund Advisors LP, and GW&K pursuant to a multi-manager investment strategy. Effective on September 6, 2019, GW&K became the fund’s sole subadvisor. The performance information presented for periods prior to September 6, 2019, reflects management of the fund consistent with investment strategies in effect during those periods and might have been different if the fund’s investments had been managed under its current investment strategies solely by GW&K.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV shares ceased operations on March 13, 2019. Returns shown after that date are those of Class C shares, except that they do not include Class C sales charges and would be lower if they did. Returns for Class NAV shares would have been substantially similar to returns of Class C shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class C shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">6.71%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">29.28%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-25.96%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0671
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2928
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2596
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1362
0.0947
0.0598
0.1225
0.0790
0.0372
0.0904
0.0742
0.0415
0.2596
0.1516
0.1148
0.1866
0.0922
0.0716
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Opportunistic Fixed Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek maximum total return, consistent with preservation of capital and prudent investment management.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0065
0.0034
0.0001
0.0100
-0.0019
0.0081
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
83
299
534
1207
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not </span><span style="font-family:Arial Narrow;font-size:9pt;">reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">90</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.90
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed-income instruments. Fixed income instruments include, but are not limited to the following securities, which may be denominated in U.S. dollars or foreign currencies: sovereign debt, inflation-linked bonds, corporate and high yield credit (also known as “junk bonds”), securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a lender. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In order to achieve its investment objective, the manager seeks to: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">invest across multiple asset types, geographies, credit tiers, and time horizons; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provide timely and dynamic exposure to a portfolio of global fixed income securities consisting of sovereign debt, inflation-linked bonds, corporate and high yield credit, securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">manage the fund’s overall performance volatility within a range as reflected by the Bloomberg Global Aggregate Bond Index hedged to USD over the medium to long-term; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">generate total returns through three main approaches: strategic sector positioning, market-neutral strategies, and tactical asset allocation: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">the strategic sector component of the portfolio provides exposure to non-core investment opportunities (e.g. emerging markets debt, high yield credit, bank loans etc.) that are designed to capture the repricing of long-term structural themes in the business cycle; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">the market neutral component of the portfolio is primarily expressed via relative value positioning, aimed at providing incremental return with low correlation to the direction of global fixed income markets. Market neutral positions are typically taken on interest rates, currencies, corporate and high yield credit, and emerging market debt positions; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tactical asset allocation is used to capture both short and medium term dislocations in the market. Tactical opportunities are primarily expressed via sector rotation, country selection, security selection, currency management strategies and duration management strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">combine the three approaches noted above in a holistic manner while managing aggregate portfolio risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in securities that at times may have equity-like characteristics including, but not limited to convertible securities or preferred equity. Additionally, the fund may hold equities received as part of a corporate action. The fund also may hold all or a portion of its assets in cash, money market instruments, bonds or other debt securities for defensive or other purposes. The fund may engage in active trading and may have a high portfolio turnover rate. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund makes significant use of derivative instruments and may take both long and short positions in securities. Derivatives may be used for purposes of hedging and/or efficient portfolio management and/or investment purposes. Derivatives may be exchange-traded or over-the-counter and may include futures contracts, options, credit default swaps, foreign currency swaps, interest rate swaps, total return swaps and foreign currency forward contracts. In its use of derivatives, the fund aims to contribute to the target return and the volatility strategies of the fund. The use of derivative instruments as part of the investment strategy means that the fund may, from time to time, have substantial holdings in liquid assets, including deposits and money market instruments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, foreign currency swaps, total return swaps, futures contracts, interest-rate swaps, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In a short sale, a fund pays interest on a borrowed security. The fund will lose money if the price of the borrowed security increases between the short sale and the replacement date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Bloomberg Global Aggregate Bond Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class NAV shares ceased operations on April 17, 2019. Returns shown after that date are those of Class 1 shares. Returns for Class NAV shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to February 28, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to February 28, 2020.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">4.09%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">8.53%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.79%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0409
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0853
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-03-31
-0.0779
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0815
0.0246
0.0208
0.0797
0.0117
0.0124
0.0482
0.0134
0.0124
0.0715
0.0140
0.0242
0.0572
-0.0032
0.0038
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Real Estate Securities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek to achieve a combination of long-term capital appreciation and current income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0070
0.0011
0.0081
-0.0001
0.0080
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
82
258
449
1001
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">72</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.72
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of real estate investment trusts (“REITs”) and real estate companies. Equity securities include common stock, preferred stock and securities convertible into common stock. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A company is considered to be a real estate company if the Global Industry Classification Standards includes the company within its Real Estate sector or Hotels, Restaurants & Leisure Industry or Homebuilding sub-industry. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager looks for real estate securities it believes will provide superior returns to the fund, and attempts to focus on companies with the potential for stock price appreciation and a record of paying dividends. This may include companies of any market capitalization, including small and mid-sized companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s approach to real estate investing is based on a bottom-up analysis of factors affecting individual securities, combined with a top-down analysis of the real estate market. The manager believes that property markets overly discount and extrapolate short-term events and that a research-intensive and long-term focus are the keys to sustainable returns. By focusing on multiple metrics to determine the value of a company, the manager is able to identify mis-pricing between stock prices and fundamentals, and ultimately invest in what the manager believes are long-term winners at below market valuations. The manager’s bottom-up research coupled with top-down trends in the property markets allow the manager to effectively capture inflection points and own companies with dominant and improving market positions before their true value is recognized by the broader investment community. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A REIT invests primarily in income-producing real estate or makes loans to persons involved in the real estate industry. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Some REITs, called equity REITs, buy real estate and pay investors income from the rents received from the real estate owned by the REIT and from any profits on the sale of its properties. Other REITs, called mortgage REITs, lend money to building developers and other real estate companies and pay investors income from the interest paid on those loans. There are also hybrid REITs which engage in both owning real estate and making loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">If a REIT meets certain requirements, it is not taxed on the income it distributes to its investors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may realize some short-term gains or losses if the manager chooses to sell a security because it believes that one or more of the following is true: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A security is not fulfilling its investment purpose; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A security has reached its optimum valuation; or </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A particular company or general economic conditions have changed. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Based on its recent practices, the manager expects that the fund’s assets will be invested primarily in equity REITs. In changing market conditions, the fund may invest in other types of REITs. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When the manager believes that it is prudent, the fund may invest a portion of its assets in other types of securities. These securities may include convertible securities, short-term securities, bonds, notes, securities of companies not principally engaged in the real estate industry, non-leveraged stock index futures contracts and other similar securities. (Stock index futures contracts can help the fund’s cash assets remain liquid while performing more like stocks.) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in securities of foreign real estate companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer. The fund concentrates its investments in securities of issuers in the real estate industry.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Concentration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors. A downturn in the real estate industry may significantly detract from performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts. Futures contracts generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Dow Jones U.S. Select REIT Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Class 1 shares commenced operations on October 15, 2005. Because Class NAV shares had not commenced operations as of the date of this prospectus, the returns shown are those of Class 1 shares, except that they do not include sales charges and would be lower if they did. Returns for Class NAV shares would have been substantially similar to returns of Class 1 shares because each share class is invested in the same portfolio of securities and returns would differ only to the extent that expenses of the classes are different. To the extent expenses of a class would have been higher than expenses of Class 1 shares for the periods shown, performance would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to November 16, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to November 16, 2020.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2021</span><span style="font-family:Arial Narrow;font-size:8pt;">17.22%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.99%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1630
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2021-12-31
0.1722
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2299
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1292
0.0763
0.0791
0.1185
0.0536
0.0537
0.0765
0.0553
0.0560
0.2629
0.1569
0.1203
0.1396
0.0612
0.0700
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Science & Technology Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is incidental to the fund’s objective.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0095
0.0010
0.0105
-0.0001
0.0104
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
106
333
578
1282
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">297</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
2.97
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of companies expected to benefit from the development, advancement, and/or use of science and technology. For purposes of satisfying this requirement, common stock may include equity-linked notes and derivatives relating to common stocks, such as options on equity-linked notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Some industries likely to be represented in the fund include: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">information technology including hardware, software, semiconductors and technology equipment </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">telecommunications equipment and services </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">media including advertising, broadcasting, cable and satellite, movies, entertainment, publishing and information services </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">environmental services </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">internet commerce and advertising </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">life sciences and health care, including pharmaceuticals, health care equipment and services, and biotechnology </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">chemicals and synthetic materials </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">defense and aerospace </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">alternative energy </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">While most of the fund’s assets are invested in U.S. common stocks, the fund may also purchase other types of securities, including U.S. dollar- and foreign currency-denominated foreign securities, convertible stocks and bonds, and warrants, and use futures and options, in keeping with the fund’s investment objective. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Stock selection for the fund generally reflects a growth approach based on an assessment of a company’s fundamental prospects for above-average earnings, rather than on a company’s size. As a result, fund holdings can range from securities of small companies developing new technologies to securities of blue chip firms with established track records. The fund may also invest in companies that are expected to benefit from technological advances even if they are not directly involved in research and development. The fund may invest in suitable technology companies through initial public offerings (IPOs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves, which can consist of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) as well as U.S. dollar- and foreign currency denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may sell securities for a variety of reasons such as to secure gains, limit losses or redeploy assets into more promising opportunities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below market (or even relatively nominal) rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, a subadvisor has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when a manager believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive development. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s investment process may, at times, result in a higher-than-average portfolio turnover ratio and increased trading expenses. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. As the market price of underlying common stock declines below the conversion price, the market value of the convertible security tends to be increasingly influenced by its yield.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The counterparty to an over-the-counter derivatives contract or a borrower of fund securities may not make timely payments or otherwise honor its obligations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Greater China risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Investments in the Greater China region may be subject to less developed trading markets, acute political risks such as possible negative repercussions resulting from China’s relationship with Taiwan or Hong Kong, and restrictions on monetary repatriation or other adverse government actions. For example, a government may restrict investment in companies or industries considered important to national interests, or intervene in the financial markets, such as by imposing trading restrictions, or banning or curtailing short selling. A small number of companies and industries may generally represent a relatively large portion of the Greater China market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, equity-linked notes (equity-linked notes generally reflect the risks associated with their underlying securities, depend on the credit of the note's issuer, may be privately placed, and may have a limited secondary market), and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Technology companies can be significantly affected by rapid obsolescence, short product cycles, competition, and government regulation, among other factors. Investments in the technology sector may be susceptible to heightened risk of cybersecurity breaches, which may allow an unauthorized party to gain access to personally identifiable information and other customer data.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The S&P North American Technology Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Effective June 23, 2022, T. Rowe Price Associates, Inc. (T. Rowe Price) became the fund's sole subadvisor. Prior to June 23, 2022, the fund was managed by both T. Rowe Price and a different subadvisor. The performance presented prior to June 23, 2022 should not be attributed to the sole management of the fund by T. Rowe Price. The fund's performance shown below might have differed materially had T. Rowe Price solely managed the fund prior to June 23, 2022.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">25.84%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">32.74%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.49%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2584
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.3274
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2249
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.5614
0.1897
0.1583
0.5614
0.1197
0.0740
0.3324
0.1391
0.0978
0.2629
0.1569
0.1203
0.6113
0.2222
0.1872
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Small Cap Dynamic Growth Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0085
0.0009
0.0001
0.0095
-0.0001
0.0094
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
96
302
525
1165
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">177</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
1.77
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of small-cap companies. The fund defines small-cap companies as those that, at the time of initial purchase, have a market capitalization equal to or less than the largest company in the Russell 2000 Growth Index (approximately $13.7 billion as of October 31, 2024). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests mainly in common stocks, but it may also invest in exchange-traded funds (ETFs) to a limited extent, generally for purposes of gaining temporary market exposure. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s growth philosophy and process is focused on fundamental, bottom-up stock selection and includes three key elements: (i) positive fundamental changes, (ii) sustainable earnings growth, and (iii) an attractive valuation. The manager’s investment process generally begins with the broad universe of securities included in U.S. small capitalization indices. The manager seeks to achieve the fund’s investment objective by investing in equity investments that the manager believes will provide higher returns than the Russell 2000 Growth Index. The manager then focuses its fundamental research by collecting, scoring and monitoring forward-looking operational data related to specific companies, industries, and sectors. It then seeks to identify quantifiable changes by consistently tracking these data points. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Once the manager has identified a positive change, it holistically assesses the key company, industry, sector, macro and country stock drivers and compares them to consensus expectations. The fund may focus its investments in a particular sector or sectors of the economy. The manager then determines a risk/return rating for each company it has identified. This ranking is utilized by the portfolio management team to build a portfolio with consistent and balanced risk/return characteristics. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The operational metrics and investment thesis of the portfolio’s holdings are continuously monitored to ensure the ranking and weighting of each security in the portfolio is appropriate given the level of risk/return. The fund may trade securities actively as the investment thesis improves or deteriorates.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Healthcare sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small companies are generally less established and may be more volatile than larger companies. Small-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 2000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to November 29, 2023, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The performance information presented for periods prior to November 29, 2023 reflects management of the fund consistent with investment strategies in effect during those periods and might have been different if the fund’s investments had been managed under its current investment strategies by the current subadvisor.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">30.36%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">25.49%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.56%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.3036
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2549
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2056
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0619
0.0625
0.0572
0.0619
0.0458
0.0338
0.0366
0.0522
0.0434
0.2596
0.1516
0.1148
0.1866
0.0922
0.0716
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Small Cap Value Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0094
0.0007
0.0101
-0.0004
0.0097
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
99
318
554
1233
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small-cap companies that are believed to be undervalued by various measures and offer good prospects for capital appreciation. The fund defines small-cap companies as those with market capitalizations at or below the market capitalization of the largest company represented in either the Russell 2000 Value Index (approximately $13.7 billion as of October 31, 2024) or the S&P SmallCap 600 Index (approximately $9.2 billion as of October 31, 2024). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests primarily in a diversified mix of common stocks of U.S. small-cap companies. The manager employs a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify stocks the manager believes have distinct value characteristics based on industry-specific valuation criteria. The manager focuses on high-quality companies with a proven record of above-average rates of profitability that sell at a discount relative to the overall small-cap market. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager seeks to identify companies demonstrating one or more of the following characteristics: sustainable competitive advantages within a market niche; strong profitability and free cash flows; strong market share positions and trends; quality of and share ownership by management; and conservative financial structures relative to industry average. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s sector exposures are broadly diversified but may vary significantly from the fund’s benchmark. The fund may invest up to 15% of its total assets in foreign securities (including up to 5% in emerging-market securities). The fund may invest significantly in financial services companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal circumstances, the fund invests 10% or less (usually less) of its total assets in cash and cash equivalents. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in initial public offerings (IPOs). The fund may also purchase real estate investment trusts (REITs) or other real estate related equity securities, U.S. dollar-denominated foreign securities, and certain exchange-traded funds (ETFs). ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities that compose the ETF. The fund may focus its investments in a particular sector or sectors of the economy.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Financial services sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. The industrials sector may be affected by general economic conditions, commodity production and pricing, supply and demand fluctuations, environmental and other government regulations, and technological developments, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Value investment style risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Value securities may underperform the market as a whole, which may cause value-oriented funds to underperform equity funds with other investment strategies. Securities the manager believes are undervalued may never perform as expected.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 2000 Value Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.90%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">34.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-35.31%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0790
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.3457
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.3531
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1424
0.0917
0.0622
0.1115
0.0654
0.0417
0.1004
0.0670
0.0443
0.2596
0.1516
0.1148
0.1465
0.1000
0.0676
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Strategic Income Opportunities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek to maximize total return consisting of current income and capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0066
0.0006
0.0072
-0.0005
0.0067
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
68
225
396
890
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">37</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.37
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its assets in the following types of securities, which may be denominated in U.S. dollars or foreign currencies: foreign government and corporate debt securities from developed and emerging markets, U.S. government and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">agency securities, domestic high-yield bonds, and investment-grade corporate bonds and currency instruments. The fund may also invest in preferred stock and other types of debt securities, including mortgage-and asset-backed securities and loans. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risk of being a direct lender. No more than 80% of the fund’s assets will consist of instruments denominated in foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Although the fund may invest up to 10% of its total assets in securities rated as low as D (in default) by S&P Global Ratings (S&P) or Moody’s Investors Service, Inc. (Moody’s), or their unrated equivalents, it generally intends to keep its average credit quality in the investment-grade range (i.e., AAA to BBB). Bonds that are rated at or below BB by S&P or Ba by Moody’s are considered junk bonds. There is no limit on the average maturity of the fund’s portfolio. The fund’s investment policies are based on credit ratings at the time of purchase. Under normal circumstances, the fund may invest up to 15% of total assets in asset-backed securities rated lower than A by S&P or Moody’s, or their unrated equivalents (but under no circumstances lower than B or their unrated equivalents). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In managing the fund, the manager allocates assets among the four major types of instruments noted above based on analysis of global economic factors such as fiscal and monetary policies, projected international interest-rate movements, political environments, and currency trends. In abnormal circumstances, the manager may invest up to 100% of the fund’s assets in any one sector. The manager looks for investments that are appropriate for the fund in terms of yield, credit quality, structure, and industry distribution. Relative yields and risk/reward ratios are the primary considerations in selecting securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may use certain higher-risk investments, including derivatives such as futures, options, and swaps (including credit default swaps), as well as restricted or illiquid securities. The fund may also invest significantly in currency spots and forwards, currency futures and options, and interest-rate options for both hedging and nonhedging purposes, including for purposes of enhancing returns. In addition, the fund may invest up to 10% of its net assets in domestic or foreign common stocks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may trade securities actively and its investment process may, at times, result in a higher-than-average portfolio turnover ratio.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Defaulted debt risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Investing in defaulted debt securities is speculative and involves substantial risks in addition to those of non-defaulted high-yield securities. Defaulted debt securities generally do not generate interest payments. Principal on defaulted debt might not be repaid, and a fund could lose up to its entire investment.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Bond Connect Program (Bond Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China bonds through Bond Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Bonds listed on Bond Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Bond Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Bond Connect may affect bond prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, options and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. Treasury obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The market value of direct obligations of the U.S. Treasury may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of the fund’s investments in obligations issued by the U.S. Treasury to decline.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">5.08%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">7.17%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-6.98%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0508
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0717
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.0698
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0764
0.0339
0.0280
0.0612
0.0206
0.0133
0.0448
0.0204
0.0151
0.0553
0.0110
0.0181
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock U.S. Sector Rotation Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0063
0.0004
0.0067
-0.0001
0.0066
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
67
213
372
834
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">40</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.40
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks to achieve its investment objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. equity securities of any market capitalization, including futures on indexes of equity securities. The fund defines U.S. equity securities as: (i) securities of issuers that are organized under the laws of the United States or that maintain their principal place of business in the United States; (ii) securities of issuers that are traded principally in the United States; or (iii) securities of issuers that, during the most recent </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">fiscal year, derived at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in the United States or that have at least 50% of their assets in the United States. The fund’s allocation to various markets and types of securities will be actively managed. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s investment in equity securities will vary both with respect to types of securities and markets in response to changing market and economic trends. The fund’s allocation of securities will depend on the manager’s outlook for the markets and generally reflect the manager’s strategic asset allocation analysis and their assessment of the relative attractiveness of a particular asset class. When determining whether to invest in a particular market capitalization, sector or industry, the manager takes into consideration a variety of inputs including economic, fundamental (valuations and earnings), and technical indicators, among other factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 20% of its net assets in equity securities of foreign issuers. Investments in exchange-traded funds (ETFs) and derivative instruments may be used to reduce risk and/or obtain efficient investment exposure, and may include options, futures contracts, and swaps (including interest-rate swaps). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund also may invest in fixed-income securities, including, but not limited to: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. Treasury and agency securities as well as notes backed by the Federal Deposit Insurance Corporation; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. Treasury futures contracts; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed securities, including mortgage pass-through securities, commercial mortgage-backed securities (CMBS) and collateralized mortgage obligations (CMOs); </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">U.S. and foreign corporate bonds; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Foreign government and agency securities; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated fixed-income securities and high-yield securities (also known as “junk bonds”) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The foreign securities in which the fund invests may be denominated in U.S. dollars or foreign currency. The fund may actively manage its exposure to foreign currencies through the use of foreign currency forward contracts and other currency derivatives. The fund may own foreign cash equivalents and foreign bank deposits as part of its investment strategy. The fund may invest in foreign currencies for hedging and speculative purposes. The fund may focus its investments in a particular sector or sectors of the economy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Use of Hedging and Other Strategic Transactions. The fund is authorized to use all of the various investment strategies referred to under “Principal risks of investing in the fund — Hedging, derivatives and other strategic transactions risk,” including, but not limited to, futures and options contracts, foreign currency forward contracts and swaps. The fund may engage in derivatives transactions for hedging and non-hedging purposes including, without limitation, the following purposes: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to attempt to protect against possible changes in the market value of securities held or to be purchased by the fund resulting from securities markets or currency exchange rate fluctuations; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to protect the fund’s unrealized gains in the value of its securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to facilitate the sale of the fund’s securities for investment purposes; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to manage the effective maturity or duration of the fund’s securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to establish a position in the derivatives markets as a method of gaining exposure to a particular security or market; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">to increase or decrease exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, futures contracts, options, foreign currency swaps, interest-rate swaps and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class NAV</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">21.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">19.20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-19.58%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2157
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1920
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1958
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2016-09-26
0.2487
0.1458
0.1255
0.2423
0.1165
0.0920
0.1473
0.1104
0.0910
0.2629
0.1569
0.1351
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Blue Chip Growth Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Current income is a secondary objective.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0073
0.0005
0.0004
0.0082
-0.0001
0.0081
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
83
261
454
1013
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">12</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.12
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The manager defines blue chip growth companies as those well established in their industries and with the potential for above-average earnings growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">In identifying blue chip companies in which to invest, the manager generally considers whether they have viable or growing leading market positions, seasoned management teams, and strong financial fundamentals. This investment approach reflects the manager’s belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings or operating cash flow) and a positive industry outlook will result in a higher stock price. The manager also seeks to invest in some companies with good prospects for dividend growth. </span><span style="font-family:Arial Narrow;font-size:9pt;">While most of the assets of the fund are typically invested in U.S. common stocks, the fund may also invest in other types of securities, including (i) U.S. dollar- and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 20% of net assets), (ii) convertible and preferred stocks, warrants, and bonds, and (iii) futures and options. Combined investments in convertible securities, preferred stocks, and debt securities are limited to 25% of total assets. The fund may invest in debt securities of any type without regard to quality or rating, including those rated below investment-grade (junk bonds) (up to 5% of total assets). The fund’s investment policies are based on credit ratings at the time of purchase. The fund’s debt securities may include privately negotiated notes or loans, including loan participations and assignments (bank loans). Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the information technology sector, and the fund may at times invest significantly in stocks of technology companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hong Kong Stock Connect Program (Stock Connect) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading in China A-Shares through Stock Connect, a mutual market access program that enables foreign investment in the People’s Republic of China (PRC), is subject to certain restrictions and risks. Securities listed on Stock Connect may lose purchase eligibility, which could adversely affect the fund’s performance. Trading through Stock Connect is subject to trading, clearance, and settlement procedures that may continue to develop as the program matures. Any changes in laws, regulations and policies applicable to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC’s investment and banking systems in general.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Media and communications sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand, and changes in regulation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Technology companies can be significantly affected by rapid obsolescence, short product cycles, competition, and government regulation, among other factors. Investments in the technology sector may be susceptible to heightened risk of cybersecurity breaches, which may allow an unauthorized party to gain access to personally identifiable information and other customer data.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">28.37%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">27.73%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-24.88%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2837
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2773
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2488
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.4945
0.1352
0.1232
0.4834
0.1193
0.1019
0.3007
0.1076
0.0960
0.2629
0.1569
0.1203
0.4268
0.1950
0.1486
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Capital Appreciation Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0071
0.0005
0.0004
0.0080
-0.0001
0.0079
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
81
254
443
989
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">34</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.34
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 65% of its total assets in equity and equity-related securities of companies, at the time of investment, that exceed $1 billion in market capitalization and that the manager believes have above average growth prospects. These companies are generally mid-to large-capitalization companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager follows a highly disciplined investment selection and management process that seeks to identify companies that show superior absolute and relative earnings growth and also are attractively valued. The manager looks for companies that experience some or all of the following: (i) above-average revenue and earnings per share growth, (ii) strong market position, (iii) improving profitability and distinctive attributes such as unique marketing ability, (iv) strong research and development and productive new product flow, and (v) financial strength. Such companies generally trade at high prices relative to their current earnings. Earnings predictability and confidence in earnings forecasts are important parts of the selection process. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities in which the fund invests have historically been more volatile than the S&P 500 Index. Also, companies that have an earnings growth rate higher than that of the average S&P 500 company tend to reinvest their earnings rather than distribute them. Therefore, the fund is not likely to receive significant dividend income on its securities. Seeking to invest in companies with above market-average growth, the fund may invest significantly in sectors associated with such growth, including consumer discretionary and information technology. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In addition to common stocks, nonconvertible preferred stock and convertible securities, equity-related securities in which the fund invests include: (i) American Depositary Receipts (ADRs); (ii) warrants and rights; (iii) investments in various types of business ventures, including partnerships and joint ventures; (iv) real estate investment trusts (REITs); and (v) initial public offerings (IPOs) and similar securities. (Convertible securities are securities —like bonds, corporate notes and preferred stocks—that the fund can convert into the company’s common stock, cash value of common stock, or some other equity security.) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In addition to the principal strategies discussed above, the fund may also use the following investment strategies to attempt to increase the fund’s return or protect its assets if market conditions warrant: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may make short sales of a security including short sales “against the box.” </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 20% of its total assets in foreign equity securities. (For purposes of this 20% limit, ADRs and other similar receipts or shares traded in U.S. markets are not considered to be foreign securities.) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the U.S. government. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in mortgage-related securities issued or guaranteed by U.S. governmental entities, including collateralized mortgage obligations, multi-class pass-through securities and stripped mortgage-backed securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed-income securities rated investment grade. These include corporate debt and other debt obligations of U.S. and foreign issuers. The fund may invest in obligations that are not rated, but that the manager believes are of comparable quality to these obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in repurchase agreements. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager considers selling or reducing a stock position when, in the opinion of the manager, the stock has experienced a fundamental disappointment in earnings, it has reached an intermediate price objective and its outlook no longer seems sufficiently promising, a relatively more attractive stock emerges or the stock has experienced adverse price movement. The fund may focus its investments in a particular sector or sectors of the economy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Consumer discretionary sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The consumer discretionary sector may be affected by fluctuations in supply and demand, and may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, and labor relations.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Information technology companies risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mid-sized companies are generally less established and may be more volatile than larger companies. Mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">22.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">35.55%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-25.32%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.2277
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.3555
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.2532
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.5308
0.1810
0.1411
0.5111
0.1401
0.1019
0.3283
0.1422
0.1060
0.2653
0.1552
0.1180
0.4268
0.1950
0.1486
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Core Bond Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek total return consisting of income and capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0058
0.0005
0.0004
0.0067
-0.0001
0.0066
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
67
213
372
834
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">237</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
2.37
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed and other asset-backed securities and money market instruments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund invests in debt securities that the manager believes offer attractive yields and are undervalued relative to issues of similar credit quality and interest rate sensitivity. The fund may also invest in unrated bonds that the manager believes are comparable to investment-grade debt securities. The fund may invest to a significant extent in mortgage-backed securities, including collateralized mortgage obligations. </span><span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the manager expects to maintain an effective duration within 10% (in either direction) of the duration of the Bloomberg U.S. Aggregate Bond Index (the duration of this index as of October 31, 2024 was 6.14 years). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Up to 25% of total assets in asset-backed securities, other than mortgage-backed securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Up to 20% of total assets in U.S. dollar-denominated obligations of foreign issuers; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Up to 10% of total assets in stripped mortgage-backed securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">As part of a mortgage-backed securities investment strategy, the fund may enter into dollar rolls. The fund may also enter into reverse repurchase agreements to enhance return. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include reverse repurchase agreements. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's net asset value per share (NAV).</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">4.60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2023</span><span style="font-family:Arial Narrow;font-size:8pt;">6.64%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-6.13%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0460
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2023-12-31
0.0664
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-03-31
-0.0613
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0576
0.0097
0.0160
0.0419
-0.0042
0.0042
0.0339
0.0020
0.0074
0.0553
0.0110
0.0181
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Equity Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To provide substantial dividend income and also long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0068
0.0005
0.0005
0.0078
-0.0001
0.0077
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
79
248
432
965
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, with at least 65% in common stocks of well-established companies paying above-average dividends. The fund employs a “value” approach and invests in stocks and other securities that appear to be undervalued by various measures but have good prospects for capital appreciation and dividend growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, substantial dividend income means that the yield on the fund’s portfolio securities generally exceeds the yield on the fund’s benchmark. The manager believes that income can contribute significantly to total return over time and expects the fund’s yield to exceed that of the Russell 1000 Value Index. While the price of a company’s stock can go up or down, stocks paying a high level of dividend income tend to be less volatile than those paying a lower level and may help offset losses in falling markets. </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund will generally consider companies with established operating histories, above-average dividend yield or low price/earnings ratios relative to the Russell 1000 Value Index, positive financial characteristics, and/or low stock price relative to a company’s underlying value. The fund may also purchase other types of securities in keeping with its objective, including: (i) U.S. dollar-and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs)</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(up to 25% of total assets); (ii) preferred stocks; (iii) convertible stocks, bonds, and warrants; (iv) futures and options; and (v) bank debt, loan participations, and assignments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed-income securities without regard to quality or rating, including privately negotiated notes or loans (including loan participations and assignments (bank loans)) and up to 10% in below-investment-grade fixed-income securities (junk bonds). Some loans may be illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund holds a certain portion of its assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund (or any other internal T. Rowe Price money market fund) or U.S. dollar- and foreign currency-denominated money market securities. These include repurchase agreements in the two highest rating categories that mature in one year or less. The fund may invest reserves in U.S. dollars and foreign currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures, and options. Such securities may bear interest or pay dividends at below market rates or even relatively nominal market rates. </span><span style="font-family:Arial Narrow;font-size:9pt;">In pursuing the fund’s investment objective, the manager may deviate from the fund’s normal investment criteria to purchase securities the manager believes might appreciate substantially. The fund may invest significantly in the same economic sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Financial services sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Financial services companies can be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts and options. Futures contracts and options generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Repurchase agreements risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors. To the extent that a fund invests in securities of companies in the financial services sector, the fund may be significantly affected by economic, market, and business developments, borrowing costs, interest-rate fluctuations, competition, and government regulation, among other factors, impacting that sector.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 1000 Value Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.14%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.93%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-28.54%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1514
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-12-31
0.2093
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2854
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0944
0.1111
0.0779
0.0701
0.0866
0.0530
0.0650
0.0818
0.0541
0.2653
0.1552
0.1180
0.1146
0.1091
0.0840
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Floating Rate Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a high level of current income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0068
0.0005
0.0011
0.0002
0.0086
-0.0013
0.0073
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
75
261
464
1049
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">51</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.51
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating-rate loans, which often include debt securities of domestic and foreign issuers that are rated below investment grade (rated below Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. or BBB by S&P Global Ratings), at the time of purchase, or are of comparable quality, as determined by the manager, and other floating-rate securities. Bonds that are rated at or below BB by S&P Global Ratings or Ba by Moody’s Investors Service, Inc. are considered junk bonds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in domestic and foreign loans and loan participations that pay interest at rates that float or reset periodically at a margin above a generally recognized base lending rate such as the Prime Rate, the Secured Overnight Financing Rate (SOFR), or another generally recognized base lending rate. Loans and debt instruments rated below investment grade are considered speculative. The fund may invest in loans of companies whose financial conditions are troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations, or financial restructurings. Some loans may be illiquid. The fund may also acquire and hold warrants and other equity interests. The fund may invest in loans, loan participations, and other securities of any maturity and duration. The fund may also invest in loans of any aggregate principal amount, which will vary from time to time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">For purposes of reducing risk and/or improving liquidity, the fund may invest in derivative instruments such as options (including options on securities indexes) and swaps (including credit default swaps). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in any number of issuers and may, at times, invest its assets in a small number of issuers. The fund may focus its investments in a particular sector or sectors of the economy. The fund’s investment process may result in a higher-than-average portfolio turnover ratio.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Distressed investments risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Distressed investments, including loans, mortgages, bonds, and notes, may not be publicly traded and may involve substantial risk. A fund may lose up to its entire investment.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, options, and swaps. Options and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small number of issuers risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for funds which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Warrants risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The prices of warrants may not precisely reflect the prices of their underlying securities. Warrant holders do not receive dividends or have voting or credit rights. A warrant ceases to have value if not exercised prior to its expiration date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar LSTA US Leveraged Loan Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to August 30, 2018, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to August 30, 2018.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">6.65%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">9.95%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-13.69%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0665
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0995
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1369
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1364
0.0519
0.0348
0.0959
0.0266
0.0115
0.0795
0.0287
0.0158
0.0553
0.0110
0.0181
0.1313
0.0580
0.0442
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock High Yield Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To realize an above-average total return over a market cycle of three to five years, consistent with reasonable risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0070
0.0005
0.0011
0.0086
-0.0001
0.0085
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
87
273
476
1060
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">47</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.47
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in high yield securities. The fund’s investments may include corporate bonds, preferred stocks, U.S. government and foreign securities, mortgage-backed securities, loan assignments or participations and convertible securities which have the following ratings (or, if unrated, are considered by the manager to be of equivalent quality): </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;text-decoration:underline;">Corporate Bonds, Preferred Stocks and Convertible Securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Moody’s Investors Service, Inc...........................Ba through C </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">S&P Global Ratings..............................................BB through D </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Below-investment-grade securities are commonly referred to as “junk bonds.” The fund may also invest in investment-grade securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">As part of its investment strategy, the fund will generally invest without restrictions within these ratings category ranges, or in unrated securities considered to be of equivalent quality by the manager. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in foreign bonds and other fixed-income securities denominated in foreign currencies, where, in the opinion of the manager, the combination of current yield and currency value offer attractive expected returns. Foreign securities in which the fund may invest include emerging market securities. The fund may invest up to 100% of its assets in foreign securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options, swaps and forwards. In particular, the fund may use interest rate swaps, credit default swaps (on individual securities and/or baskets of securities), futures contracts and/or mortgage-backed securities to a significant extent, although the amounts invested in these instruments may change from time to time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in fixed- and floating-rate loans, generally in the form of loan participations and assignments of such loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund normally maintains an average portfolio duration of between three and seven years. However, the fund may invest in individual securities of any duration. Duration is an approximate measure of the sensitivity of the market value of a security to changes in interest rates.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, futures contracts, options, forwards, swaps and interest-rate swaps. Futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">(Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Bloomberg U.S. High Yield 2% Issuer Capped Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.85%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.73%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.41%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0885
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1173
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1541
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1285
0.0482
0.0341
0.0947
0.0221
0.0067
0.0750
0.0257
0.0134
0.0553
0.0110
0.0181
0.1344
0.0535
0.0459
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2065 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0005
0.0029
0.0031
0.0092
-0.0056
0.0036
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
37
237
454
1080
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">41</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.41
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2065. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2065 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2065 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.84%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2023</span><span style="font-family:Arial Narrow;font-size:8pt;">11.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-14.67%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1684
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2023-12-31
0.1123
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.1467
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2020-09-23
0.1837
0.0974
0.1738
0.0882
0.1087
0.0719
0.2629
0.1352
0.1974
0.1014
0.2025
0.0966
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2060 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0005
0.0011
0.0031
0.0074
-0.0038
0.0036
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
37
198
374
883
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">21</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.21
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2060. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2060 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2060 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.82%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.88%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.63%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1682
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1888
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2063
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2016-03-30
0.1841
0.1076
0.0935
0.1741
0.0920
0.0779
0.1090
0.0806
0.0695
0.2629
0.1569
0.1351
0.1974
0.1104
0.0966
0.2025
0.1173
0.1048
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2055 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0005
0.0007
0.0031
0.0070
-0.0034
0.0036
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
37
190
356
838
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">21</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.21
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2055. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2055 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2055 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2055 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.92%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.60%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1676
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1892
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2060
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2014-03-26
0.1845
0.1076
0.0802
0.1745
0.0900
0.0634
0.1093
0.0803
0.0586
0.2629
0.1569
0.1217
0.1962
0.1098
0.0811
0.2025
0.1173
0.0893
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2050 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0005
0.0006
0.0031
0.0069
-0.0033
0.0036
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
37
188
351
827
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">20</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.20
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2050. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2050 Lifetime Blend Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2050 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2050 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.84%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.58%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1672
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1884
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2058
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1846
0.1079
0.0786
0.1746
0.0902
0.0622
0.1093
0.0805
0.0575
0.2629
0.1569
0.1203
0.1958
0.1092
0.0792
0.2025
0.1173
0.0881
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2045 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0005
0.0006
0.0031
0.0069
-0.0033
0.0036
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
37
188
351
827
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2045. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2045 Lifetime Blend Portfolio has a target asset allocation of 90% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2045 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2045 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.11%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.98%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.59%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1611
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1898
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2059
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1794
0.1070
0.0779
0.1691
0.0887
0.0611
0.1062
0.0797
0.0568
0.2629
0.1569
0.1203
0.1914
0.1068
0.0776
0.1976
0.1165
0.0877
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2040 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0029
0.0005
0.0006
0.0030
0.0070
-0.0034
0.0036
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
37
190
356
838
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">24</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.24
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2040. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2040 Lifetime Blend Portfolio has a target asset allocation of 82% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2040 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2040 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.04%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.41%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-19.78%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1504
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1841
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1978
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1678
0.1022
0.0759
0.1573
0.0838
0.0590
0.0993
0.0758
0.0552
0.2629
0.1569
0.1203
0.1816
0.1022
0.0749
0.1847
0.1110
0.0852
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2035 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0031
0.0005
0.0005
0.0029
0.0070
-0.0034
0.0036
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
37
190
356
838
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">31</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.31
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2035. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2035 Lifetime Blend Portfolio has a target asset allocation of 73% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2035 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2035 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">13.80%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">17.31%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-18.18%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1380
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1731
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1818
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1537
0.0942
0.0712
0.1424
0.0758
0.0543
0.0910
0.0693
0.0512
0.2629
0.1569
0.1203
0.1663
0.0944
0.0704
0.1699
0.1024
0.0804
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2030 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0034
0.0005
0.0005
0.0028
0.0072
-0.0035
0.0037
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
38
195
366
862
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">37</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.37
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2030. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2030 Lifetime Blend Portfolio has a target asset allocation of 62% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2030 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2030 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">12.25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">15.95%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.56%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1225
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1595
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1656
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1390
0.0852
0.0658
0.1270
0.0667
0.0489
0.0823
0.0619
0.0468
0.2629
0.1569
0.1203
0.1480
0.0842
0.0644
0.1540
0.0938
0.0754
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2025 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0037
0.0005
0.0006
0.0026
0.0074
-0.0035
0.0039
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
40
201
377
886
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">49</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.49
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2025. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2025 Lifetime Blend Portfolio has a target asset allocation of 50% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2025 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2025 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">10.74%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">14.48%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-14.77%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1074
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1448
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1477
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1210
0.0758
0.0598
0.1078
0.0573
0.0430
0.0716
0.0542
0.0418
0.2629
0.1569
0.1203
0.1299
0.0742
0.0585
0.1359
0.0841
0.0696
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2020 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0041
0.0005
0.0009
0.0023
0.0078
-0.0038
0.0040
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
41
211
396
931
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">59</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.59
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2020. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2020 Lifetime Blend Portfolio has a target asset allocation of 43% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Lifetime Blend Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2020 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2020 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">12.97%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-13.19%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0977
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1297
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1319
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1111
0.0659
0.0533
0.0972
0.0478
0.0369
0.0658
0.0462
0.0365
0.0553
0.0110
0.0181
0.1232
0.0647
0.0528
0.1233
0.0730
0.0620
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2015 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0042
0.0005
0.0022
0.0022
0.0091
-0.0050
0.0041
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
42
240
455
1074
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">68</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.68
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2015. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2015 Lifetime Blend Portfolio has a target asset allocation of 37% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a Lifetime Blend Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2015 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2015 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.86%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0916
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1175
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1186
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1051
0.0603
0.0487
0.0913
0.0423
0.0325
0.0623
0.0418
0.0328
0.0553
0.0110
0.0181
0.1138
0.0610
0.0494
0.1150
0.0661
0.0555
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock 2010 Lifetime Blend Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0043
0.0005
0.0029
0.0021
0.0098
-0.0057
0.0041
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
42
255
486
1149
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">74</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.74
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2010. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock 2010 Lifetime Blend Portfolio has a target asset allocation of 30% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a John Hancock Lifetime Blend Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the post retirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund may also allocate its assets to underlying funds that invest in alternative and specialty asset classes. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund will invest in various passively managed underlying funds (commonly known as index funds) that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. The fund may also invest in various actively managed funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2010 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2010 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.38%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.04%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-10.80%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0838
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1104
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1080
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1000
0.0564
0.0460
0.0852
0.0390
0.0297
0.0592
0.0386
0.0304
0.0553
0.0110
0.0181
0.1079
0.0561
0.0450
0.1068
0.0603
0.0506
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Aggressive Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is not a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0023
0.0005
0.0006
0.0034
0.0068
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
69
218
379
847
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 95% of its assets in underlying funds that invest primarily in equity securities and approximately 5% of its assets in underlying funds that invest primarily in fixed-income securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities are permitted to increase up to 5% and decrease up to 10% and underlying funds that invest primarily in fixed-income securities are permitted to increase up to 10% and decrease up to 5%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Thus, based on its target percentage allocation of approximately 95% of assets in equity underlying funds and 5% of its assets in fixed-income underlying funds, the fund may have an equity/fixed-income underlying fund allocation ranging between 100%/0 and 85%/15%. Although variations beyond the 5% or 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds in which the fund invests focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria </span><span style="font-family:Arial Narrow;font-size:9pt;">and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar U.S. Aggressive Target Allocation Index and the fund’s custom blended benchmark,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the “John Hancock Lifestyle Aggressive Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.82%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">19.34%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.38%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1582
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1934
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2238
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1720
0.1075
0.0787
0.1631
0.0867
0.0609
0.1018
0.0804
0.0578
0.2629
0.1569
0.1203
0.2237
0.1245
0.0915
0.1942
0.1157
0.0857
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Growth Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek long-term growth of capital. Current income is also a consideration.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0028
0.0005
0.0004
0.0031
0.0068
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
69
218
379
847
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">26</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.26
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 20% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 80% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Aggressive Target</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Allocation Index and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Growth Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.07%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">16.68%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-18.67%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1407
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1668
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1867
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1518
0.0920
0.0686
0.1418
0.0723
0.0520
0.0899
0.0677
0.0496
0.2629
0.1569
0.1203
0.1946
0.1061
0.0797
0.1745
0.1019
0.0771
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Balanced Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0033
0.0005
0.0004
0.0028
0.0070
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
72
224
390
871
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">38</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.38
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 40% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 60% of its assets in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderate Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Balanced Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">11.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">14.16%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.16%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1179
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1416
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1516
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1310
0.0743
0.0572
0.1189
0.0554
0.0410
0.0774
0.0531
0.0399
0.2629
0.1569
0.1203
0.1675
0.0884
0.0693
0.1468
0.0819
0.0655
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Moderate Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0038
0.0005
0.0006
0.0025
0.0074
-0.0001
0.0073
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
75
236
410
917
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">47</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.47
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 60% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 40% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">U.S. Moderately Conservative Target Allocation</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Index and the fund’s custom blended benchmark, the “John Hancock</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Lifestyle Moderate Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.58%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.44%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.28%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0958
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1144
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1128
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1115
0.0567
0.0452
0.0977
0.0402
0.0308
0.0657
0.0390
0.0302
0.0553
0.0110
0.0181
0.1304
0.0612
0.0509
0.1211
0.0622
0.0520
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Lifestyle Blend Conservative Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek a high level of current income with some consideration given to growth of capital.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0043
0.0005
0.0008
0.0021
0.0077
-0.0002
0.0075
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
77
244
426
952
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">63</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.63
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund operates as a fund of funds and, except as otherwise described below, normally invests approximately 80% of its assets in underlying funds that invest primarily in fixed-income securities and approximately 20% in underlying funds that invest primarily in equity securities. Underlying funds may be affiliated or unaffiliated and may include exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Variations in the target percentage allocation between underlying funds that invest primarily in equity securities and underlying funds that invest primarily in fixed-income securities are permitted up to 10%. Although variations beyond the 10% range are generally not permitted, the manager may determine, in light of market or economic conditions, that the normal percentage limitations should be exceeded to protect the fund or to achieve its goal. There is no limit on the range of maturities and credit quality of securities in which the fund and underlying funds may invest. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from short to longer term. The fixed-income underlying funds collectively hold various types of debt instruments, such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging-market securities). The portfolio managers may exceed the normal percentage limitations to protect the fund or seek to achieve its goal in light of market or economic conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various passively managed underlying funds (commonly known as index funds) that, as a group, hold a wide range of equity-type securities. The fund may also invest in various actively managed underlying funds. The fund is not designed to track an index or group of indexes. Equity-type securities include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. Each of the underlying funds has its own investment strategy that, for example, may focus on growth stocks, value stocks, or a combination of growth and income stocks. Underlying funds may invest in derivatives such as options on securities and futures contracts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in derivatives such as credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, as well as in exchange-traded notes (ETNs). The fund may also purchase futures contracts for cash management purposes and to gain investment exposure pending investments. The fund is also authorized to use various other investment strategies such as investing directly in fixed-income and equity securities, including U.S. government securities, mortgage-backed and asset-backed securities, closed-end funds, and partnerships. The fund may also short-sell securities. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The investment performance of each fund will reflect both its managers’ allocation decisions with respect to the underlying funds and the investment decisions made by the underlying funds’ managers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Morningstar U.S. Conservative Target Allocation Index and the fund’s custom blended benchmark,</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">the “John Hancock Lifestyle Conservative Index”, show</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.51%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">9.13%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.90%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0751
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0913
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.0790
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0975
0.0412
0.0345
0.0821
0.0261
0.0213
0.0574
0.0266
0.0217
0.0553
0.0110
0.0181
0.1007
0.0403
0.0371
0.0971
0.0430
0.0378
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2065 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0020
0.0005
0.0029
0.0065
0.0119
-0.0056
0.0063
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
64
322
600
1393
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">23</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.23
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2065. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2065 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2065 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.44%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2023</span><span style="font-family:Arial Narrow;font-size:8pt;">11.26%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-15.51%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1644
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2023-12-31
0.1126
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-06-30
-0.1551
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2020-09-23
0.1867
0.0894
0.1730
0.0758
0.1143
0.0653
0.2629
0.1352
0.1974
0.1014
0.2025
0.0966
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2060 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0020
0.0005
0.0011
0.0065
0.0101
-0.0038
0.0063
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
64
284
521
1202
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2060. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2060 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2060+ Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2060 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.49%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">21.04%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.41%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1649
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2104
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2041
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2016-03-30
0.1871
0.1072
0.0932
0.1735
0.0853
0.0732
0.1141
0.0799
0.0689
0.2629
0.1569
0.1351
0.1974
0.1104
0.0966
0.2025
0.1173
0.1048
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2055 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0020
0.0005
0.0008
0.0065
0.0098
-0.0034
0.0064
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
65
278
509
1170
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">22</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.22
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2055. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2055 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2055 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2055 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.42%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">21.17%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.47%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1642
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2117
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2047
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
2014-03-26
0.1866
0.1070
0.0775
0.1739
0.0834
0.0567
0.1131
0.0795
0.0556
0.2629
0.1569
0.1217
0.1962
0.1098
0.0811
0.2025
0.1173
0.0893
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2050 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0020
0.0005
0.0007
0.0065
0.0097
-0.0032
0.0065
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
66
277
505
1161
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">19</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2050. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2050 Lifetime Portfolio has a target asset allocation of 95% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2050 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2050 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.46%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">21.11%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.39%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1646
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2111
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2039
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1866
0.1068
0.0761
0.1741
0.0813
0.0528
0.1130
0.0791
0.0538
0.2629
0.1569
0.1203
0.1958
0.1092
0.0792
0.2025
0.1173
0.0881
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2045 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0021
0.0005
0.0005
0.0064
0.0095
-0.0032
0.0063
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
64
271
494
1137
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">16</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.16
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2045. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2045 Lifetime Portfolio has a target asset allocation of 90% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2045 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2045 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">15.95%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">21.14%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-20.42%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1595
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2114
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2042
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1828
0.1063
0.0759
0.1696
0.0769
0.0488
0.1110
0.0777
0.0524
0.2629
0.1569
0.1203
0.1914
0.1068
0.0776
0.1976
0.1165
0.0877
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2040 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0022
0.0005
0.0005
0.0063
0.0095
-0.0032
0.0063
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
64
271
494
1137
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2040. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2040 Lifetime Portfolio has a target asset allocation of 82% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2040 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2040 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">14.98%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">20.34%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-19.52%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1498
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2034
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1952
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1715
0.1021
0.0739
0.1585
0.0734
0.0474
0.1031
0.0744
0.0509
0.2629
0.1569
0.1203
0.1816
0.1022
0.0749
0.1847
0.1110
0.0852
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2035 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0023
0.0005
0.0005
0.0062
0.0095
-0.0031
0.0064
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
65
272
495
1138
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">16</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.16
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2035. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2035 Lifetime Portfolio has a target asset allocation of 73% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2035 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2035 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">13.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">18.86%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-17.99%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1367
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1886
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1799
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1599
0.0945
0.0696
0.1472
0.0664
0.0434
0.0950
0.0683
0.0475
0.2629
0.1569
0.1203
0.1663
0.0944
0.0704
0.1699
0.1024
0.0804
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2030 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0024
0.0005
0.0004
0.0060
0.0093
-0.0031
0.0062
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
63
265
484
1115
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2030. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2030 Lifetime Portfolio has a target asset allocation of 62% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2030 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2030 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">12.21%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">17.17%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-16.22%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1221
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1717
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1622
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1433
0.0865
0.0650
0.1291
0.0594
0.0392
0.0849
0.0618
0.0437
0.2629
0.1569
0.1203
0.1480
0.0842
0.0644
0.1540
0.0938
0.0754
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2025 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0026
0.0005
0.0005
0.0059
0.0095
-0.0034
0.0061
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
62
269
492
1135
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">17</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.17
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2025. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2025 Lifetime Portfolio has a target asset allocation of 50% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2025 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2025 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">10.56%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">15.38%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-14.44%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1056
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1538
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1444
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1280
0.0782
0.0599
0.1113
0.0507
0.0338
0.0758
0.0548
0.0393
0.2629
0.1569
0.1203
0.1299
0.0742
0.0585
0.1359
0.0841
0.0696
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2020 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0027
0.0005
0.0007
0.0057
0.0096
-0.0037
0.0059
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
60
269
495
1144
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">19</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2020. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2020 Lifetime Portfolio has a target asset allocation of 43% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in equity securities than will a John Hancock Multimanager Lifetime Portfolio with a closer target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2020 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2020 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.63%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">13.31%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-12.39%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0963
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1331
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1239
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1154
0.0697
0.0540
0.0995
0.0417
0.0274
0.0684
0.0476
0.0343
0.0553
0.0110
0.0181
0.1232
0.0647
0.0528
0.1233
0.0730
0.0620
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2015 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0028
0.0005
0.0015
0.0054
0.0102
-0.0045
0.0057
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
58
280
519
1207
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">19</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.19
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2015. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2015 Lifetime Portfolio has a target asset allocation of 37% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a John Hancock Multimanager Lifetime Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2015 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2015 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">9.04%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">11.90%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-11.35%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0904
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1190
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1135
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1095
0.0639
0.0496
0.0929
0.0368
0.0225
0.0648
0.0427
0.0303
0.0553
0.0110
0.0181
0.1138
0.0610
0.0494
0.1150
0.0661
0.0555
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Multimanager 2010 Lifetime Portfolio</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek high total return through the fund’s target retirement date, with a greater focus on income beyond the target date. Total return, commonly understood as the combination of income and capital appreciation, includes interest, capital gains, dividends, and distributions realized over a given period of time.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0029
0.0005
0.0020
0.0053
0.0107
-0.0052
0.0055
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
56
289
540
1259
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund, which operates as a fund of funds and invests in underlying funds, does not pay transaction costs, such as commissions, when it buys and sells shares of underlying funds (or “turns over” its portfolio). An underlying fund does pay transaction costs when it turns over its portfolio, and a higher portfolio turnover rate may indicate higher transaction costs. A higher portfolio turnover rate may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the performance of the underlying funds and of the fund. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">24</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.24
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests substantially all of its assets in underlying funds using an asset allocation strategy designed for investors expected to retire around the year 2010. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers of the fund allocate assets among the underlying funds according to an asset allocation strategy that becomes increasingly conservative over time. John Hancock Multimanager 2010 Lifetime Portfolio has a target asset allocation of 30% of its assets in underlying funds that invest primarily in equity securities. The fund will have a greater exposure to underlying funds that invest primarily in fixed-income securities than will a John Hancock Multimanager Lifetime Portfolio with a more distant target date. To reduce investment risk and volatility as retirement approaches and in the postretirement years, the asset allocation strategy will change over time according to a predetermined “glide path” shown in the following chart. The fund may be a primary source of income for its shareholders after retirement.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Glide path chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The allocations reflected in the glide path are referred to as target allocations because they do not reflect active decisions made by the managers to produce an overweight or an underweight position in a particular asset class. The fund has a target allocation to underlying funds that invest in the broad asset classes of equity and fixed-income securities, but may also allocate its assets to underlying funds that invest outside these asset classes to protect the fund or help it achieve its objective. For example, the fund also typically allocates a portion of its assets to underlying funds that invest in alternative and specialty asset classes. The fund’s allocation to alternative and specialty underlying funds may vary over time and in relation to a John Hancock Multimanager Lifetime Portfolio with a different target date. The managers may change the target allocation without shareholder approval if they believe that such change would benefit the fund and its shareholders. Under normal circumstances, any deviation from the target allocation is not expected to be greater than plus or minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Within the prescribed percentage allocation, the managers select the percentage level to be maintained in specific underlying funds. New investments made by the fund may be directed to particular underlying funds in an effort to maintain the desired target allocations. There is no guarantee that the managers will correctly predict the market or economic conditions and, as with other mutual fund investments, you could lose money even if the fund is at or close to its designated retirement year or in its postretirement stage. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is designed for investors who may remain invested in the fund through their retirement years. The fund will continue to be managed according to an allocation strategy that becomes increasingly conservative over time until approximately twenty years after retirement, at which time the fund expects to maintain a static allocation of approximately 25% of its assets in equity underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in underlying funds that invest in a broad range of equity and fixed-income securities and asset classes. The fund may also invest in underlying funds that invest in alternative/specialty securities and asset classes, including, but not limited to, U.S. and foreign securities, including emerging-market securities, commodities, asset-backed securities, small-cap securities, and below-investment-grade securities (i.e., junk bonds). The underlying funds may also use derivatives, such as swaps, foreign currency forwards, futures, and options, in each case for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in various actively managed underlying funds that as a group hold a wide range of equity-type securities in their portfolios, including convertible securities. These include small-, mid-, and large-capitalization stocks, domestic and foreign securities (including emerging-market securities), and sector holdings. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may also invest in various passively managed underlying funds (commonly known as index funds). Certain equity underlying funds may invest in initial public offerings (IPOs). Each of the equity underlying funds has its own investment strategy that, for example, may focus on growth stocks or value stocks, or may employ a strategy combining growth and income stocks, and/or may invest in derivatives such as credit default swaps, foreign currency forwards, interest rate swaps, options on securities, and futures contracts. Certain of the underlying funds focus their investment strategy on fixed-income securities, which may include investment-grade and below-investment-grade debt securities with maturities that range from shorter to longer term. Below-investment-grade debt securities are also referred to as junk bonds. The fixed-income underlying funds collectively hold various types of debt instruments such as corporate bonds and mortgage-backed, government-issued, domestic, and international securities (including emerging market securities). Certain underlying funds may invest in illiquid securities, and certain underlying funds may be non-diversified. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest directly in exchange-traded funds (ETFs), exchange-traded notes (ETNs), the securities of other investment companies, U.S. government securities, and other types of investments such as derivatives, including credit default swaps, options on equity index futures, interest-rate swaps, and foreign currency forward contracts, in each case for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. </span><span style="font-family:Arial Narrow;font-size:9pt;">The managers consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To the extent permitted by law, the Board of Trustees of the fund may, in its discretion, determine to combine the fund with another fund without shareholder approval if the target allocation of the fund matches the target allocation of the other fund, although there is no assurance that the Board of Trustees will so determine at any point. The fund bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the underlying funds in which it invests. The fund’s performance reflects both the managers’ allocation decisions and the performance of the underlying funds.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">ESG integration risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG criteria.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded funds (ETFs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The risks of owning shares of an ETF include the risks of owning the underlying securities the ETF holds. Lack of liquidity in an ETF could result in the ETF being more volatile than its underlying securities. An ETF’s shares could trade at a significant premium or discount to its net asset value (NAV). A fund bears ETF fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Exchange-traded notes (ETNs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An ETN generally reflects the risks associated with the assets composing the underlying market benchmark or strategy it is designed to track. ETNs also are subject to issuer and fixed-income risks.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fund of funds risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s ability to achieve its investment objective will depend largely, in part, on: (i) the underlying funds’ performance, expenses and ability to meet their investment objectives; and (ii) properly rebalancing assets among underlying funds and different asset classes. The fund is also subject to risks related to: (i) layering of fees of the underlying funds; and (ii) conflicts of interest associated with the subadvisor’s ability to allocate fund assets without limit to other funds it advises and/or other funds advised by affiliated subadvisors. There is no assurance that either the fund or the underlying funds will achieve their investment objectives. A fund bears underlying fund fees and expenses indirectly.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that a fund intends to utilize include: credit default swaps, foreign currency forward contracts, futures contracts, interest-rate swaps, and options. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Investment company securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fund shareholders indirectly bear their proportionate share of the expenses of any investment company in which the fund invests. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lifecycle risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Managers might not correctly predict market or economic conditions, and you could lose money even close to, during, or after the fund’s designated retirement year.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Short sales involve costs and risk. A fund must pay the lender interest on a security it borrows, and the fund will lose money if the price of the borrowed security increases between the time of the short sale and the date when the fund replaces the borrowed security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Target allocation risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund’s risk profile will change due to reallocation or rebalancing of portfolio assets as the fund approaches its target date.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">U.S. government agency obligations risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The fund invests in obligations issued by agencies and instrumentalities of the U.S. government. Government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) </span><span style="font-family:Arial Narrow;font-size:9pt;">and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Commodity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Commodity prices may be volatile due to fluctuating demand, supply disruption, speculation, and other factors. Certain commodity investments may have no active trading market at times.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Illiquid and restricted securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Inflation-protected securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Mortgage-backed and asset-backed securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span><span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span><span style="font-family:Arial Narrow;font-size:9pt;"> The S&P Target Date 2010 Index shows how the fund’s performance compares against the returns of similar investments. The John Hancock 2010 Lifetime Index is based on the fund’s asset allocation glide path and will reflect a more conservative allocation over time. This information shows how the fund’s performance compares against the returns of similar investment objectives. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index.</span>
<span style="font-family:Arial Narrow;font-size:9pt;"> Past performance (before and after taxes) does not indicate future results.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;"> p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">8.39%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">10.82%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-10.40%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0839
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.1082
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.1040
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1021
0.0596
0.0464
0.0844
0.0351
0.0216
0.0605
0.0393
0.0279
0.0553
0.0110
0.0181
0.1079
0.0561
0.0450
0.1068
0.0603
0.0506
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock New Opportunities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund seeks long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0073
0.0005
0.0012
0.0090
-0.0001
0.0089
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
91
286
497
1107
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">15</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.15
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal circumstances, the fund invests at least 80% of its assets in equity securities of small-capitalization U.S. companies. The fund primarily invests in common stock and preferred stock of U.S. small-capitalization companies. Small-capitalization companies are those with a market capitalization at the time of purchase of less than $5 billion or otherwise within the range of capitalizations of companies in the Russell 2000 Index, the S&P SmallCap 600 Index, or the Dow Jones U.S. Small-Cap Total Stock Market Index. Capitalization ranges will change over time. The fund may invest in any economic sector, and at times may emphasize one or more particular sectors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund also may invest in: (a) securities of foreign issuers, including foreign issuers located in emerging markets, either directly through investments in foreign currency-denominated securities traded outside of the U.S. or indirectly through depositary receipts; (b) real estate investment trusts (REITs); (c) initial public offerings (IPOs); and (d) master limited partnerships (MLPs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager utilizes fundamental research and bottom-up stock selection to identify undervalued small cap companies with sustainable earnings growth, and whose management is focused on enhancing value for shareholders. The manager seeks to hold securities for the long term. The manager focuses on quality small-cap companies with sound management and long-term sustainable growth, regardless of style. In selecting companies, the manager looks for firms with the following key attributes: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Experienced, tenured, high-quality management </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Business models that deliver consistent long-term growth </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Leading companies in attractive and defensible niche markets </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Strong financial characteristics; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Appropriate valuation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Various factors may lead the manager to consider selling a particular security, such as a significant change in the relevant company’s senior management or its products, deterioration in its fundamental characteristics, if the company has corporate governance issues, or if the manager believes that the security has become overvalued.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Growth company securities may fluctuate more in price than other securities because of the greater emphasis on earnings expectations. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Healthcare sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Health sciences companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims, and legislative or regulatory activities, among other factors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Initial public offerings (IPOs) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">IPO share prices are frequently volatile and may significantly impact fund performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Master limited partnership (MLP) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">MLPs generally reflect the risks associated with their underlying assets and with pooled investment vehicles. MLPs with credit-related holdings are subject to interest-rate risk and risk of default.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Russell 2000 Growth Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to September 27, 2014, the fund was managed by subadvisors other than the fund’s current subadvisor, GW&K Investment Management, LLC (GW&K) pursuant to a different investment strategy. From September 27, 2014 to September 6, 2019, the fund was managed by Brandywine Global Investment Management, LLC, Dimensional Fund Advisors LP, and GW&K pursuant to a multi-manager investment strategy. Effective on September 6, 2019, GW&K became the fund’s sole subadvisor. The performance information presented for periods prior to September 6, 2019, reflects management of the fund consistent with investment strategies in effect during those periods and might have been different if the fund’s investments had been managed under its current investment strategies solely by GW&K.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">7.58%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">29.65%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-25.76%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0758
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.2965
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2576
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1482
0.1059
0.0650
0.1359
0.0912
0.0430
0.0966
0.0832
0.0455
0.2596
0.1516
0.1148
0.1866
0.0922
0.0716
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Opportunistic Fixed Income Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek maximum total return, consistent with preservation of capital and prudent investment management.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0065
0.0005
0.0034
0.0001
0.0105
-0.0019
0.0086
<span style="font-family:Arial Narrow;font-size:8pt;">The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”</span>
<span style="font-family:Arial Narrow;font-size:8pt;">December 31, 2025</span><span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
88
315
561
1265
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">90</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.90
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed-income instruments. Fixed income instruments include, but are not limited to the following securities, which may be denominated in U.S. dollars or foreign currencies: sovereign debt, inflation-linked bonds, corporate and high yield credit (also known as “junk bonds”), securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a lender. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In order to achieve its investment objective, the manager seeks to: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">invest across multiple asset types, geographies, credit tiers, and time horizons; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">provide timely and dynamic exposure to a portfolio of global fixed income securities consisting of sovereign debt, inflation-linked bonds, corporate and high yield credit, securitized debt, bank loans and floating rate loans and emerging markets debt, convertible and hybrid securities; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">manage the fund’s overall performance volatility within a range as reflected by the Bloomberg Global Aggregate Bond Index hedged to USD over the medium to long-term; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">generate total returns through three main approaches: strategic sector positioning, market-neutral strategies, and tactical asset allocation: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">the strategic sector component of the portfolio provides exposure to non-core investment opportunities (e.g. emerging markets debt, high yield credit, bank loans etc.) that are designed to capture the repricing of long-term structural themes in the business cycle; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">the market neutral component of the portfolio is primarily expressed via relative value positioning, aimed at providing incremental return with low correlation to the direction of global fixed income markets. Market neutral positions are typically taken on interest rates, currencies, corporate and high yield credit, and emerging market debt positions; and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tactical asset allocation is used to capture both short and medium term dislocations in the market. Tactical opportunities are primarily expressed via sector rotation, country selection, security selection, currency management strategies and duration management strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">combine the three approaches noted above in a holistic manner while managing aggregate portfolio risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest in securities that at times may have equity-like characteristics including, but not limited to convertible securities or preferred equity. Additionally, the fund may hold equities received as part of a corporate action. The fund also may hold all or a portion of its assets in cash, money market instruments, bonds or other debt securities for defensive or other purposes. The fund may engage in active trading and may have a high portfolio turnover rate. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund makes significant use of derivative instruments and may take both long and short positions in securities. Derivatives may be used for purposes of hedging and/or efficient portfolio management and/or investment purposes. Derivatives may be exchange-traded or over-the-counter and may include futures contracts, options, credit default swaps, foreign currency swaps, interest rate swaps, total return swaps and foreign currency forward contracts. In its use of derivatives, the fund aims to contribute to the target return and the volatility strategies of the fund. The use of derivative instruments as part of the investment strategy means that the fund may, from time to time, have substantial holdings in liquid assets, including deposits and money market instruments.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Cash and cash equivalents risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under certain market conditions, such as during a rising stock market, rising interest rate or rising credit spread markets, the use of cash and/or cash equivalents, including money market instruments, could have a negative effect on the fund’s ability to achieve its investment objective and may negatively impact the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Changing distribution levels risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may cease or reduce the level of its distribution if income or dividends paid from its investments declines.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Currency risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund’s investments. Foreign currencies may decline in value, which could negatively impact performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Floating rate loans risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Floating rate loans are generally rated below investment-grade and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, foreign currency forward contracts, foreign currency swaps, total return swaps, futures contracts, interest-rate swaps, options, and swaps. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hybrid instrument risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hybrid instruments (a type of potentially high-risk derivative) combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Hybrid instruments entail greater market risk and may be more volatile than traditional debt instruments, may bear interest or pay preferred dividends at below-market rates, and may be illiquid. The risks of investing in hybrid instruments are a combination of the risks of investing in securities, options, futures, and currencies.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Interest-rate risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">LIBOR discontinuation risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">The official publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments traditionally utilized as the reference or benchmark rate for interest rate calculations, was discontinued as of June 30, 2023. However, a subset of LIBOR settings was published on a “synthetic” basis</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">until September 30, 2024. The discontinuation of LIBOR and a transition to replacement rates may lead to volatility and illiquidity in markets and may adversely affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Loan participations risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Participations and assignments involve special types of risks, including credit risk, interest-rate risk, counterparty risk, liquidity risk, risks associated with extended settlement, and the risks of being a lender.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Lower-rated and high-yield fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Sector risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When a fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could fluctuate more widely than if the fund were invested more evenly across sectors.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Short sales risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">In a short sale, a fund pays interest on a borrowed security. The fund will lose money if the price of the borrowed security increases between the short sale and the replacement date.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Bloomberg Global Aggregate Bond Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to February 28, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to February 28, 2020.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">4.09%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q2 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">8.53%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2022</span><span style="font-family:Arial Narrow;font-size:8pt;">-7.79%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.0409
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2020-06-30
0.0853
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2022-03-31
-0.0779
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.0815
0.0244
0.0205
0.0797
0.0115
0.0122
0.0482
0.0133
0.0123
0.0715
0.0140
0.0242
0.0572
-0.0032
0.0038
<span style="color:#000000;font-family:Arial Narrow;font-size:24pt;">John Hancock Real Estate Securities Fund</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment objective</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">To seek to achieve a combination of long-term capital appreciation and current income.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees and expenses</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This table describes the fees and expenses that you may pay indirectly if shares of the fund are held by an exempt separate account of certain John Hancock insurance companies that fund exempt group annuity contracts issued by those insurance companies to qualified retirement plans. They are based on expenses incurred during the fund’s most recent fiscal year expressed as a percentage of the fund’s average net assets during the year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">. The fees and expenses do not reflect fees and expenses of any separate account that may use the fund as its underlying investment option and would be higher if they did.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Shareholder fees (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(fees paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Annual fund operating expenses (%) </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0070
0.0005
0.0011
0.0086
-0.0001
0.0085
<span style="font-family:Arial Narrow;font-size:8pt;">July 31, 2026</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Expense example</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. Please see below a hypothetical example showing the expenses of a $10,000 investment for the time periods indicated and then assuming you sell all of your shares at the end of those periods. The example assumes a 5% average annual return and that fund expenses will not change over the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
87
273
476
1060
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio turnover</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During its most recent fiscal year, the fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:9pt;">72</span><span style="font-family:Arial Narrow;font-size:9pt;">% of the average value of its portfolio.</span>
0.72
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal investment strategies</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of real estate investment trusts (“REITs”) and real estate companies. Equity securities include common stock, preferred stock and securities convertible into common stock. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A company is considered to be a real estate company if the Global Industry Classification Standards includes the company within its Real Estate sector or Hotels, Restaurants & Leisure Industry or Homebuilding sub-industry. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager looks for real estate securities it believes will provide superior returns to the fund, and attempts to focus on companies with the potential for stock price appreciation and a record of paying dividends. This may include companies of any market capitalization, including small and mid-sized companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The manager’s approach to real estate investing is based on a bottom-up analysis of factors affecting individual securities, combined with a top-down analysis of the real estate market. The manager believes that property markets overly discount and extrapolate short-term events and that a research-intensive and long-term focus are the keys to sustainable returns. By focusing on multiple metrics to determine the value of a company, the manager is able to identify mis-pricing between stock prices and fundamentals, and ultimately invest in what the manager believes are long-term winners at below market valuations. The manager’s bottom-up research coupled with top-down trends in the property markets allow the manager to effectively capture inflection points and own companies with dominant and improving market positions before their true value is recognized by the broader investment community. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A REIT invests primarily in income-producing real estate or makes loans to persons involved in the real estate industry. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Some REITs, called equity REITs, buy real estate and pay investors income from the rents received from the real estate owned by the REIT and from any profits on the sale of its properties. Other REITs, called mortgage REITs, lend money to building developers and other real estate companies and pay investors income from the interest paid on those loans. There are also hybrid REITs which engage in both owning real estate and making loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">If a REIT meets certain requirements, it is not taxed on the income it distributes to its investors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may realize some short-term gains or losses if the manager chooses to sell a security because it believes that one or more of the following is true: </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A security is not fulfilling its investment purpose; </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A security has reached its optimum valuation; or </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A particular company or general economic conditions have changed. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Based on its recent practices, the manager expects that the fund’s assets will be invested primarily in equity REITs. In changing market conditions, the fund may invest in other types of REITs. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">When the manager believes that it is prudent, the fund may invest a portion of its assets in other types of securities. These securities may include convertible securities, short-term securities, bonds, notes, securities of companies not principally engaged in the real estate industry, non-leveraged stock index futures contracts and other similar securities. (Stock index futures contracts can help the fund’s cash assets remain liquid while performing more like stocks.) </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund may invest up to 10% of its total assets in securities of foreign real estate companies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer. The fund concentrates its investments in securities of issuers in the real estate industry.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Principal risks</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Many factors affect performance, and fund shares will fluctuate in price, meaning you could lose money.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Concentration risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors. A downturn in the real estate industry may significantly detract from performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Credit and counterparty risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Economic and market events risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Equity securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Fixed-income securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Foreign securities risk.</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;">Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Hedging, derivatives, and other strategic transactions risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts. Futures contracts generally are subject to counterparty risk.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">High portfolio turnover risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Trading securities actively and frequently can increase transaction costs (thus lowering performance) and taxable distributions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Large company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Liquidity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities. Periods of heavy redemption could cause the fund to sell assets at a loss or depressed value, which could negatively affect performance. Redemption risk is heightened during periods of declining or illiquid markets.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Non-diversified risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Operational and cybersecurity risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Preferred and convertible securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Quantitative modeling risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Quantitative models may not accurately predict future market movements or characteristics, which may negatively impact performance. Models also may perform differently than expected due to implementation problems, technological malfunction, or programming or data inaccuracies, among other possible issues.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate investment trust (REIT) risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Real estate securities risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Small and mid-sized company risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Past performance</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span><span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span><span style="font-family:Arial Narrow;font-size:9pt;">The Dow Jones U.S. Select REIT Index shows how the fund’s performance compares against the returns of similar investments. All figures assume dividend reinvestment. Performance information is updated daily, monthly, and quarterly and may be obtained by calling </span><span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;">A note on performance</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Prior to November 16, 2020, the fund was managed by a different subadvisor pursuant to different investment strategies, and thus, the performance presented prior to this date should not be attributed to the current subadvisor. The fund’s performance shown below might have differed materially had the current subadvisor managed the fund prior to November 16, 2020.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;">The following information illustrates the variability of the fund’s returns and provides some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year and by showing how the fund’s average annual returns compared with a broad-based securities market index. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">Past performance (before and after taxes) does not indicate future results. </span>
<span style="font-family:Arial Narrow;font-size:9pt;">800-344-1029 between 8:00 </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">a.m.</span><span style="font-family:Arial Narrow;font-size:9pt;"> and 7:00</span><span style="font-family:Arial Narrow;font-size:9pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;font-variant:small-caps;">p.m.</span><span style="font-family:Arial Narrow;font-size:9pt;">, Eastern time, on most business days.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">Please note that after-tax returns reflect the highest individual federal marginal income-tax rate in effect as of the date provided and do not reflect any state or local taxes.</span>
<span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k), or other </span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">tax-advantaged investment plan.</span>
<span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;">Calendar year total returns (%)—Class 1</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q3 2024</span><span style="font-family:Arial Narrow;font-size:8pt;">16.30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q4 2021</span><span style="font-family:Arial Narrow;font-size:8pt;">17.22%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial Narrow;font-size:8pt;">Q1 2020</span><span style="font-family:Arial Narrow;font-size:8pt;">-22.99%</span>
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return through:</span>
2024-09-30
0.1630
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span>
2021-12-31
0.1722
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span>
2020-03-31
-0.2299
<span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Average annual total returns (%)—as of 12/31/2023</span>
0.1292
0.0763
0.0791
0.1185
0.0536
0.0537
0.0765
0.0553
0.0560
0.2629
0.1569
0.1203
0.1396
0.0612
0.0700
<span style="font-family:Arial Narrow;font-size:8pt;">The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.</span>
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.52% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.52% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.35% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.35% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Other expenses” have been estimated for the first year of operations of the fund's Class R4 shares.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.60% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.60% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.52% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.52% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.34% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.34% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.36% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.36% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Aggressive Index comprised 44.1% of the S&P 500 Index, 16.2% of the MSCI World ex-USA Index, 18.9% of the Russell 2500 Index, 10.8% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, and 4.0% of the ICE BofA Long U.S. STRIPS Index. As of January 1, 2025, the John Hancock Lifestyle Aggressive Index comprises 48.8% of the S&P 500 Index, 17.8% of the MSCI World ex-USA Index, 14.2% of the Russell 2500 Index, 9.2% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, 2.0% of the Bloomberg U.S. Aggregate Bond Index, and 2.0% of the ICE BofA Long U.S. STRIPS Index.
“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Aggressive Index comprised 44.1% of the S&P 500 Index, 16.2% of the MSCI World ex-USA Index, 18.9% of the Russell 2500 Index, 10.8% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, and 4.0% of the ICE BofA Long U.S. STRIPS Index. As of January 1, 2025, the John Hancock Lifestyle Aggressive Index comprises 48.8% of the S&P 500 Index, 17.8% of the MSCI World ex-USA Index, 14.2% of the Russell 2500 Index, 9.2% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, 2.0% of the Bloomberg U.S. Aggregate Bond Index, and 2.0% of the ICE BofA Long U.S. STRIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Aggressive Index comprised 44.1% of the S&P 500 Index, 16.2% of the MSCI World ex-USA Index, 18.9% of the Russell 2500 Index, 10.8% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, and 4.0% of the ICE BofA Long U.S. STRIPS Index. As of January 1, 2025, the John Hancock Lifestyle Aggressive Index comprises 48.8% of the S&P 500 Index, 17.8% of the MSCI World ex-USA Index, 14.2% of the Russell 2500 Index, 9.2% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, 2.0% of the Bloomberg U.S. Aggregate Bond Index, and 2.0% of the ICE BofA Long U.S. STRIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Aggressive Index comprised 44.1% of the S&P 500 Index, 16.2% of the MSCI World ex-USA Index, 18.9% of the Russell 2500 Index, 10.8% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, and 4.0% of the ICE BofA Long U.S. STRIPS Index. As of January 1, 2025, the John Hancock Lifestyle Aggressive Index comprises 48.8% of the S&P 500 Index, 17.8% of the MSCI World ex-USA Index, 14.2% of the Russell 2500 Index, 9.2% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, 2.0% of the Bloomberg U.S. Aggregate Bond Index, and 2.0% of the ICE BofA Long U.S. STRIPS Index.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.50% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.50% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the applicable class in an amount equal to the amount by which expenses of Class A shares exceed 1.14% of average daily net assets attributable to the applicable class. For purposes of this agreement, “expenses of Class A shares” means all class expenses (including fund expenses attributable to the class), excluding (a) taxes; (b) portfolio brokerage commissions; (c) interest expense; (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business; (e) acquired fund fees and expenses paid indirectly; and (f) short dividend expense. The agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Other expenses” have been estimated for the first year of operations of the fund's Class I shares.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.57% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.57% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Balanced Index comprised 27.9% of the S&P 500 Index, 10.3% of the MSCI World ex-USA Index, 12.0% of the Russell 2500 Index, 6.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 21.0% of the Bloomberg U.S. Aggregate Bond Index, 6.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Balanced Index comprises 31.5% of the S&P 500 Index, 12.3% of the MSCI World ex-USA Index, 8.4% of the Russell 2500 Index, 4.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 24.0% of the Bloomberg U.S. Aggregate Bond Index, 3.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index.
“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Balanced Index comprised 27.9% of the S&P 500 Index, 10.3% of the MSCI World ex-USA Index, 12.0% of the Russell 2500 Index, 6.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 21.0% of the Bloomberg U.S. Aggregate Bond Index, 6.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Balanced Index comprises 31.5% of the S&P 500 Index, 12.3% of the MSCI World ex-USA Index, 8.4% of the Russell 2500 Index, 4.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 24.0% of the Bloomberg U.S. Aggregate Bond Index, 3.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Balanced Index comprised 27.9% of the S&P 500 Index, 10.3% of the MSCI World ex-USA Index, 12.0% of the Russell 2500 Index, 6.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 21.0% of the Bloomberg U.S. Aggregate Bond Index, 6.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Balanced Index comprises 31.5% of the S&P 500 Index, 12.3% of the MSCI World ex-USA Index, 8.4% of the Russell 2500 Index, 4.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 24.0% of the Bloomberg U.S. Aggregate Bond Index, 3.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Balanced Index comprised 27.9% of the S&P 500 Index, 10.3% of the MSCI World ex-USA Index, 12.0% of the Russell 2500 Index, 6.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 21.0% of the Bloomberg U.S. Aggregate Bond Index, 6.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Balanced Index comprises 31.5% of the S&P 500 Index, 12.3% of the MSCI World ex-USA Index, 8.4% of the Russell 2500 Index, 4.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE BofA U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 24.0% of the Bloomberg U.S. Aggregate Bond Index, 3.0% of the ICE BofA Long U.S. STRIPS Index, and 4.0% of the Bloomberg 1-5 Year TIPS Index.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.80% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.80% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.80% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.32% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.32% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Other expenses” have been estimated for the first year of operations of the fund's Class I shares.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 1000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.54% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.54% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Service plan fee” has been restated to reflect maximum allowable fees.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.58% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Management fee” has been restated to reflect the contractual management fee schedule effective October 1, 2024.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.59% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.59% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.59% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.59% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Other expenses” reflect interest expense and/or borrowing costs resulting from the fund’s use of certain investments. Such expense is required to be treated as a fund expense for accounting purposes. Any interest expense and/or borrowing cost amount will vary based on the fund’s use of those investments as an investment strategy. During the fiscal year ending August 31, 2024, the interest expense and/or borrowing costs amounted to 0.02% of the fund's average daily net assets.
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.87% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Other expenses” reflect interest expense and/or borrowing costs resulting from the fund’s use of certain investments. Such expense is required to be treated as a fund expense for accounting purposes. Any interest expense and/or borrowing cost amount will vary based on the fund’s use of those investments as an investment strategy. During the fiscal year ending August 31, 2024, the interest expense and/or borrowing costs amounted to 0.02% of the fund's average daily net assets.
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.87% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Other expenses” have been restated from fiscal year amounts to reflect current fees and expenses.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payments to the fund, in an amount equal to the amount by which other expenses of the fund exceed 0.04% of average daily net assets of the fund. For purposes of this agreement, “Other expenses of the fund” means all fund expenses, excluding (a) taxes; (b) brokerage commissions; (c) interest expense; (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business; (e) advisory fees; (f) class-specific expenses; (g) underlying fund expenses (acquired fund fees); and (h) short dividend expense. The advisor also contractually agrees to reduce its management fee by 0.05% of the fund’s average daily net assets up to $5 billion, and by 0.025% on average daily net assets of the fund over $5 billion. The advisor also contractually agrees to waive its advisory fee for the fund so that the aggregate advisory fee retained by the advisor with respect to both the fund and its underlying investments (after payment of subadvisory fees) does not exceed 0.55% of the fund’s first $5 billion of average net assets and 0.525% of the fund’s average net assets in excess of $5 billion. These agreements expire on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.31% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Moderate Index comprised 18.6% of the S&P 500 Index, 6.8% of the MSCI World ex-USA Index, 8.0% of the Russell 2500 Index, 4.6% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 36.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Moderate Index comprises 21.2% of the S&P 500 Index, 8.6% of the MSCI World ex-USA Index, 5.4% of the Russell 2500 Index, 2.9% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 38.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index.
“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Moderate Index comprised 18.6% of the S&P 500 Index, 6.8% of the MSCI World ex-USA Index, 8.0% of the Russell 2500 Index, 4.6% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 36.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Moderate Index comprises 21.2% of the S&P 500 Index, 8.6% of the MSCI World ex-USA Index, 5.4% of the Russell 2500 Index, 2.9% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 38.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Moderate Index comprised 18.6% of the S&P 500 Index, 6.8% of the MSCI World ex-USA Index, 8.0% of the Russell 2500 Index, 4.6% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 36.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Moderate Index comprises 21.2% of the S&P 500 Index, 8.6% of the MSCI World ex-USA Index, 5.4% of the Russell 2500 Index, 2.9% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 38.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Moderate Index comprised 18.6% of the S&P 500 Index, 6.8% of the MSCI World ex-USA Index, 8.0% of the Russell 2500 Index, 4.6% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 36.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Moderate Index comprises 21.2% of the S&P 500 Index, 8.6% of the MSCI World ex-USA Index, 5.4% of the Russell 2500 Index, 2.9% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE BofA U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 38.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 6.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Service plan fee” has been restated to reflect maximum allowable fees.
The advisor contractually agrees to reduce its management fee by an annual rate of 0.04% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to reduce its management fee by an annual rate of 0.04% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the MSCI World ex-USA Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Other expenses” have been estimated for the first year of operations of the fund's Class R2, Class R4, and Class R5 shares.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the MSCI World ex-USA Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the MSCI World ex-USA Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Growth Index comprised 37.2% of the S&P 500 Index, 13.7% of the MSCI World ex-USA Index, 16.0% of the Russell 2500 Index, 9.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 9.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Growth Index comprises 41.6% of the S&P 500 Index, 15.7% of the MSCI World ex-USA Index, 11.6% of the Russell 2500 Index, 7.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 11.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index.
“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Growth Index comprised 37.2% of the S&P 500 Index, 13.7% of the MSCI World ex-USA Index, 16.0% of the Russell 2500 Index, 9.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 9.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Growth Index comprises 41.6% of the S&P 500 Index, 15.7% of the MSCI World ex-USA Index, 11.6% of the Russell 2500 Index, 7.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 11.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Growth Index comprised 37.2% of the S&P 500 Index, 13.7% of the MSCI World ex-USA Index, 16.0% of the Russell 2500 Index, 9.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 9.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Growth Index comprises 41.6% of the S&P 500 Index, 15.7% of the MSCI World ex-USA Index, 11.6% of the Russell 2500 Index, 7.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 11.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Growth Index comprised 37.2% of the S&P 500 Index, 13.7% of the MSCI World ex-USA Index, 16.0% of the Russell 2500 Index, 9.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 9.5% of the Bloomberg U.S. Aggregate Bond Index, 4.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Growth Index comprises 41.6% of the S&P 500 Index, 15.7% of the MSCI World ex-USA Index, 11.6% of the Russell 2500 Index, 7.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE BofA U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 11.5% of the Bloomberg U.S. Aggregate Bond Index, 2.0% of the ICE BofA Long U.S. STRIPS Index, and 2.0% of the Bloomberg 1-5 Year TIPS Index.
“Service plan fee” has been restated to reflect maximum allowable fees.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.36% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.36% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.97% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.97% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Russell 3000 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
“Other expenses” reflect interest expense and/or borrowing costs resulting from the fund’s use of certain investments. Such expense is required to be treated as a fund expense for accounting purposes. Any interest expense and/or borrowing cost amount will vary based on the fund’s use of those investments as an investment strategy. During the fiscal year ending August 31, 2024, the interest expense and/or borrowing costs amounted to 0.03% of the fund's average daily net assets.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.64% of average daily net assets of the fund and expenses of Class A, Class C, Class I, and Class R6 shares, as applicable, exceed 0.98%, 1.73%, 0.75%, and 0.64%, respectively, of average daily net assets attributable to the applicable class. For purposes of these agreements, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense, and “expenses of Class A, Class C, Class I, and Class R6 shares” means all “expenses of the fund” attributable to the applicable class plus class-specific expenses. Each agreement expires on December 31, 2025 unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement amounted to 0.01% of the fund's average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Other expenses” reflect interest expense and/or borrowing costs resulting from the fund’s use of certain investments. Such expense is required to be treated as a fund expense for accounting purposes. Any interest expense and/or borrowing cost amount will vary based on the fund’s use of those investments as an investment strategy. During the fiscal year ending August 31, 2024, the interest expense and/or borrowing costs amounted to 0.03% of the fund's average daily net assets.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.64% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the advisor and the fund based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Other expenses” reflect interest expense and/or borrowing costs resulting from the fund’s use of certain investments. Such expense is required to be treated as a fund expense for accounting purposes. Any interest expense and/or borrowing cost amount will vary based on the fund’s use of those investments as an investment strategy. During the fiscal year ending August 31, 2024, the interest expense and/or borrowing costs amounted to 0.03% of the fund's average daily net assets.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.64% of average daily net assets of the fund and expenses of Class 1 shares exceed 0.68% of average daily net assets attributable to the class. For purposes of these agreements, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense, and “expenses of Class 1 shares” means all “expenses of the fund” attributable to the applicable class plus class-specific expenses. Each agreement expires on December 31, 2025 unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time. The advisor also contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its most recent fiscal year, the fund's reimbursement amounted to 0.01% of the fund's average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Conservative Index comprised 9.8% of the S&P 500 Index, 3.6% of the MSCI World ex-USA Index, 4.2% of the Russell 2500 Index, 2.4% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Conservative Index comprises 11.3% of the S&P 500 Index, 4.7% of the MSCI World ex-USA Index, 2.7% of the Russell 2500 Index, 1.3% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index.
“Other expenses” have been estimated for the first year of operations of the fund's Class I, Class R2, Class R4, and Class R5 shares.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Conservative Index comprised 9.8% of the S&P 500 Index, 3.6% of the MSCI World ex-USA Index, 4.2% of the Russell 2500 Index, 2.4% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Conservative Index comprises 11.3% of the S&P 500 Index, 4.7% of the MSCI World ex-USA Index, 2.7% of the Russell 2500 Index, 1.3% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Conservative Index comprised 9.8% of the S&P 500 Index, 3.6% of the MSCI World ex-USA Index, 4.2% of the Russell 2500 Index, 2.4% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Conservative Index comprises 11.3% of the S&P 500 Index, 4.7% of the MSCI World ex-USA Index, 2.7% of the Russell 2500 Index, 1.3% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which other expenses of the fund exceed 0.05% of the average daily net assets of the fund. For purposes of this agreement, “other expenses of the fund” means all fund expenses, excluding: (a) advisory fees, (b) taxes, (c) brokerage commissions, (d) interest expense, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (f) class specific expenses, (g) underlying fund expenses (acquired fund fees), and (h) short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the Bloomberg U.S. Aggregate Bond Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Prior to January 1, 2025, the John Hancock Lifestyle Conservative Index comprised 9.8% of the S&P 500 Index, 3.6% of the MSCI World ex-USA Index, 4.2% of the Russell 2500 Index, 2.4% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index. As of January 1, 2025, the John Hancock Lifestyle Conservative Index comprises 11.3% of the S&P 500 Index, 4.7% of the MSCI World ex-USA Index, 2.7% of the Russell 2500 Index, 1.3% of the MSCI Emerging Markets Index, 6.0% of the ICE BofA U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg U.S. Aggregate Bond Index, and 10.0% of the Bloomberg 1-5 Year TIPS Index.
“Service plan fee” has been restated to reflect maximum allowable fees.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.56% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.
“Acquired fund fees and expenses” are based on indirect net expenses associated with the fund’s investments in underlying investment companies.
The “Total annual fund operating expenses” shown may not correlate to the fund’s ratios of expenses to average daily net assets shown in the “Financial highlights” section of the fund’s prospectus, which does not include “Acquired fund fees and expenses.”
The advisor contractually agrees to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which certain expenses, including acquired fund fees, exceed 0.56% of the fund’s average daily net assets. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time.
The fund has designated the S&P 500 Index as its new broad-based securities market index in accordance with the revised definition for such an index.
Each of the John Hancock Lifetime Indices is a customized blended index comprising some or all of the following component indices (ordered alphabetically): Bloomberg U.S. Aggregate Bond Index, Bloomberg U.S. Corporate Bond 1-5 Year Index, Bloomberg U.S. Treasury TIPS 1-5 Year Index, ICE BofA Long U.S. Treasury Principal STRIPS Index, ICE BofA U.S. High Yield Index, JP Morgan Emerging Markets Bond Index Global, MSCI Emerging Markets Index, MSCI World Energy Index, MSCI World ex-USA Index, MSCI World Metals & Mining Index, Russell 2500 Index, S&P 500 Index, S&P Global ex-U.S. REIT Index, S&P Global Infrastructure Index, S&P U.S. REIT Index, and Morningstar LSTA US Leveraged Loan Index. Component index weightings are adjusted semi-annually to reflect changes in the fund’s target asset allocation in accordance with the annual roll-down of the fund’s glide path.